US CFTC scraps proposed ban on political betting in prediction markets

The U.S. Commodity Futures Trading Commission (CFTC) has withdrawn a proposed ban on political betting in prediction markets and announced a new, market-friendly policy direction, CoinDesk reported. Michael Selig, the new CFTC Chairman appointed by U.S. President Donald Trump, announced that he has scrapped the prediction market regulations proposed last year and rescinded previous guidance that had caused confusion in the industry. Selig described the former guidance as a flawed regulation from the Biden administration and stated his intention to establish new, reasonable rules.