Bitcoin

<ul><li>Coinbase criticizes CFTC&#39;s broad &#34;gaming&#34; definition in an event market proposal.</li><li>The platform argues that CFTC&#39;s method of evaluating contracts may exceed authority.</li><li>The firm urges CFTC to collaborate on rules that support innovation and market integrity.</li></ul><a href="https://cryptotale.org/coinbases-legal-chief-advocates-for-ethereums-recognition-as-a-commodity/" rel="noopener noreferrer nofollow">Coinbase</a>, a leading cryptocurrency exchange based in the United States, has expressed concerns regarding the Commodity Futures Trading Commission&#39;s (CFTC) proposal on event markets. The company&#39;s Chief Legal Officer took to X (formerly Twitter), to outline their stance and call for a reassessment of the proposed rules that could significantly impact the future of predictive event contracts.The CFTC&#39;s proposal includes a definition of &#34;gaming&#34; that Coinbase argues is overly broad and inconsistent with legislative history. This definition inadvertently encompasses events such as the Nobel Prizes and the Oscars, which traditionally are not considered forms of gaming. Such a broad classification, per Coinbase’s <a href="https://assets.ctfassets.net/c5bd0wqjc7v0/3VBBjJzqNCvm1h0j7FyNqF/032dded059cf6532f2d51837a054bad6/2024.08.08._CFTC_Event_Contracts__RIN_3038_AF14_.docx.pdf" rel="noopener noreferrer nofollow">response</a>, could confuse the relationship with longstanding state regulations and adversely affect emerging markets regulated by the CFTC. This critique suggests a potential oversight in the proposal that may stifle innovation rather than foster it.Further, Coinbase criticizes the <a href="https://cryptotale.org/cftcs-defi-report-urges-regulatory-clarity-for-crypto-landscape/" rel="noopener noreferrer nofollow">CFTC&#39;s</a> approach to evaluating contracts &#34;as a category,&#34; arguing that it is not in the public interest and may exceed the CFTC&#39;s statutory authority. This method fails to recognize the unique benefits that prediction markets can offer to the public. By assessing these contracts collectively rather than individually, the proposal might dismiss the diverse applications and advantages of predictive markets.<a href="https://cryptotale.org/coinbase-challenges-cftc-proposal-on-event-markets/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

Coinbase Challenges CFTC Proposal on Event Markets

CryptoTale

Other articles published on Aug 9, 2024

Tether Plans to Double Workforce by Mid-2025

IOTA EVM Thrives with Innovative Projects Pushing the Boundaries of DeFi

Summer.fi Launches $RAYS Points to Reward User Engagement

OKX CEO Addresses Account Closure Policies

Michael Saylor's Personal BTC Holdings Is Now Worth Over $1B

Shiba Inu Lead Sees Bipartisan Crypto Support as Analysts Predict 354% Upsurge for SHIB

Join our free newsletter for daily crypto updates!