Regulators Examine Legality of Crypto.com's Football Contracts

user avatar

by Giorgi Kostiuk

2 years ago

Crypto.com has drawn scrutiny from federal regulators over its new football futures trading contracts, including bets on the Super Bowl.

Football Futures Contracts

The contracts launched on a Chicago-based derivatives exchange allow users to bet on football outcomes without directly naming NFL teams. The Commodity Futures Trading Commission (CFTC) is considering a 90-day review to determine their legality.

Market Response and Nationwide Reach

Crypto.com challenges traditional platforms by offering contracts nationwide, setting it apart from competitors operating in individual states. The platform lets users bet on events like the Super Bowl, drawing interest from both the market and regulators.

Regulatory Uncertainty

The CFTC's stance on event-based contracts remains unclear. The agency previously drafted rules to prohibit such contracts, but they were never finalized. Changes in leadership following the CFTC chairman's departure could influence the future direction.

The future of Crypto.com's sports betting contracts remains uncertain until the CFTC makes a final decision on their legality.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Ethereum Staking Hits Record Levels Despite Price Drop

Ethereum's staking rate has surged to an all-time high of 36.3% of total supply, even as the price of ETH has fallen to around $2,000.

user avatarRajesh Kumar

Jane Street Boosts Bitcoin ETF Holdings Amid Market Changes

Jane Street has significantly increased its stake in major Bitcoin ETFs, particularly in Fidelity's Wise Origin Bitcoin Fund, reflecting strong client demand and trading activity in the Bitcoin market.

user avatarLucas Weissmann

Satoshi Nakamoto Statue Unveiled in Vienna

Bitcoin Austria has unveiled a statue of Satoshi Nakamoto in Viertel Zwei, a lakeside business quarter in Vienna. This statue is part of a global initiative to place 21 identical Satoshi statues in 21 countries.

user avatarFilippo Romano

Nvidia Appoints Colette Kress as Interim CEO and Harvey Jones as Board Chair

Nvidia appoints Colette Kress as interim CEO and Harvey Jones as board chair following Jensen Huang's resignation.

user avatarEmily Carter

Nvidia Board Evaluates Arm CEO Rene Haas as Successor to Jensen Huang

Nvidia's board is evaluating Arm CEO Rene Haas as a potential successor to Jensen Huang, who recently resigned.

user avatarTomas Novak

Unocoin Suspends Services Amid Investigation of Suspicious Transactions

Unocoin has suspended services to investigate unauthorized transactions linked to its BitGo wallet.

user avatarKaterina Papadopoulou

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.