US CFTC moves to formalize prediction market regulations

The U.S. Commodity Futures Trading Commission (CFTC) plans to establish a clear regulatory framework for the multi-billion-dollar prediction market industry, Bloomberg reports. CFTC Chairman Michael Selig stated that rules and awareness are now needed to clarify the agency's support for legitimate innovation. He emphasized that in line with his commitment to promoting responsible innovation in the cryptocurrency market, he will support the sound development of the market for event contracts.