Former CFTC Chairman Says Boundaries of Prediction Markets May Be Defined by Supreme Court

Former U.S. Commodity Futures Trading Commission Chairman Rostin Behnam stated that as prediction markets grow, Congress needs to clarify the boundaries between risk management and gambling, with related lawsuits potentially ending up in the U.S. Supreme Court. He pointed out that after the "Clarity Act" failed to advance in the Senate, the CFTC's reliance on existing authority to regulate the spot market is akin to "patching things up with tape and paperclips," and that regulators need to establish more durable rules.

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