Paradigm Submits Comments on US CFTC's Proposed Overly Wide Rules on Political Event Contracts and Prediction Markets

Paradigm said that the United States will hold a presidential election this year, and the outcome of the November election will have a profound impact on the world, the country, and especially cryptocurrencies. Prediction markets have recently become the focus and predictor of potential election results. The CFTC still decided to move forward with a proposed rule that would completely ban political event contracts, while also significantly limiting the potential implementation of prediction markets.
Paradigm raised significant concerns about the Event Contract NPRM, which recommended a broad and unfettered ban on "prediction markets" for a variety of products that could otherwise further the Commodity Exchange Act's goal of promoting responsible innovation. The CFTC is urged to overhaul or repeal this ill-considered and technologically biased rule. Elections and democracy in general depend on accurate, real-time information; regulations should not ignore our democratic forests in order to police the bush.