CFTC expected to investigate Crypto.com gaming contracts

Home » CFTC expected to investigate Crypto.com gaming contracts

Posted: January 13, 2025, 05:31 pm.

Last updated: January 13, 2025, 05:31 pm.

The Commodities and Futures Trading Commission (CFTC) is said to be considering an investigation into Crypto.com's recently exposed sports event contracts, but it's unlikely to interfere with the brokerage firm's plans to offer derivatives on the Super Bowl. Is.

Political Betting CFTC Commodity Futures Trading Commission
The Commodity Futures Trading Commission is headquartered in Washington, DC. The Commission is rumored to be looking into Crypto.com sporting event contracts. (Image: CFTC)

Sources close to the case said bloomberg news The CFTC is in the process of voting on a measure that would subject sports event contracts of cryptocurrency trading platforms to a 90-day review. Even if that evaluation takes place, it will be finished well before the Super Bowl, which is scheduled for Sunday, Feb. 9 in New Orleans.

The CFTC is believed to want to look into whether sports contracts offered by Crypto.com could violate gaming laws, reports bloombergThe financial services firm announced its plans to introduce derivatives just two days before Christmas and when it informed the regulatory agency of those plans, the CFTC did not have enough time to review the plan due to the holiday.

The company described the new sports event trading offering as the first of its kind, noting that it will be offered by Crypto.com Derivatives North America, which is regulated by the Commodities and Futures Trading Commission.

Interesting time for CFTC to investigate Crypto.com contracts

The timing of the CFTC potentially reviewing sporting event contracts offered on Crypto.com is interesting as President-elect Trump becomes the 47th.th The US President next Tuesday means there will be a change of leadership at the Commission. This is not lost on Crypto.com.

“It is disappointing that the current and incoming CFTC leadership would contemplate this action while the incoming CFTC leadership will not be allowed to determine how free markets operate under its administration,” a representative of the cryptocurrency broker explained. bloomberg,

Trump has not named a new chair to lead the CFTC, but his picks to lead the Securities and Exchange Commission (SEC) and the Treasury Department have been described as more crypto-friendly than his soon-to-be predecessors. It is seen, due to which speculations are being made. The ruling change at the CFTC could be favorable for Crypto.com and other financial companies offering event contracts.

In a sign that event betting platforms are looking to curry favor with regulators, Donald Trump Jr. is joining Kalushi – one of the largest companies in the sector – as a strategic adviser.

Sports event contracts could be new wagering limits

Several brokerage firms, including Crypto.com, have expressed interest in getting into the event contracts space and some have said they want to move those efforts toward sports derivatives.

Should those contracts receive regulatory approval, it could represent a significant competitive threat to traditional sportsbook operators as those companies receive approval to offer iGaming and sports betting on a state-by-state basis. On the other hand, companies like Crypto.com and Kalshi are regulated at the federal level and can offer their trading services in all 50 states. Sports betting is currently allowed in 38 states and Washington, DC. Missouri joins that group later this year.

Last week, Crypto.com expanded its sports event contract menu to include the NFL Conference Championship and the last three games of the College Football Playoff (CFP).

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