Tyler Winklevoss and Cameron Winklevoss, co-founders of Gemini, are criticizing the Commodity Futures Trading Commission for its proposed new rule on event contracts.
Tyler Winklevoss, in a thread posted on social media platform X says the regulator should withdraw its proposed new guidelines, as they would prevent US citizens from accessing event contracts or futures that provide “yes or no” options regarding the outcome of certain events, such as election results, sports games, or other developments.
The CFTC must withdraw their proposed rules on event contracts that would ban categorically all event contracts traded in the US like those on Polymarket (the world’s biggest prediction market). Americans shouldn’t be denied access these powerful markets.”
Cameron Winklevoss believes that decentralized prediction markets provide valuable information about future events, which is based on financial accountability. The billionaire also says that the CFTC’s proposed rule would be overturned in court because of the recent Supreme Court decision.
There is nothing intelligent about banning markets, which have been used for years in some form and are extremely accurate tools to predict future events.
If adopted, this proposed rule will be overturned by the courts. This proposed rule, if adopted, will be struck down by the courts.
The CFTC said in a press release that it had proposed the changes to clarify the types of contract which fall under the Commodity Exchange Act. (CEA), as a way of protecting public interest. In a recent press release, the CFTC said it proposed the change to specify which types of contracts fall under Commodity Exchange Act (CEA) as a way to protect public interest.
The CFTC defines gaming as event contracts which bets on the result of a contest such as a sports competition, televised award ceremony, or political contest.
Subscribe for email alerts to avoid missing a beat
___________________
Please follow us at X@InvCryptoDaily
___________________
Sources of Images: Pixabay Creative Commons DALLE3
The post Winklevoss Twins Slam CFTC’s New Proposed Rules Against Event contracts, Saying Proposal Will Be Striked Down By Courts could be updated as new information becomes available.
