Federal regulators are deciding whether to investigate the legality of trading Crypto.com futures contracts that allow investors to bet on who will win major sporting events, including the Super Bowl.
The five-member Commodity Futures Trading Commission is voting on a measure that would require a 90-day review of the contracts, according to people familiar with the matter who were not authorized to speak publicly. The agency does not have the power to immediately halt trading, and the review will continue beyond Super Bowl day on Feb. 9, but the commission could ban such contracts once the review is complete.
The question is whether the contracts, which are listed on Crypto.com's Chicago-based derivatives exchange, could violate gaming laws. The company followed legal procedures and notified the CFTC on Dec. 19 of its plans to start trading two days before Christmas. But the agency did not have time to review the contracts at the time because they were filed days before the holiday and there was a potential government shutdown.
CFTC to review legality of Crypto.com betting on events like the Super Bowl
2025-01-14 00:25:47
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