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Crypto

U.S. financial advocacy group slams CFTC plan to expand crypto jurisdiction

U.S. financial reform group Better Markets has publicly opposed the Commodity Futures Trading Commission\'s plan to oversee some retail cryptocurrency trading. It said the proposed framework could provide weaker investor protections than Securities and Exchange Commission oversight. The CFTC has begun a public comment process on a new approach for margin, leverage and finance-related retail crypto transactions, including a federal category for platforms it would supervise. Better Markets also questioned the plan\'s legal basis and market-structure risks.

Crypto

U.S. senators urge CFTC probe into Polymarket over alleged deceptive marketing

Two U.S. senators asked the Commodity Futures Trading Commission to investigate allegations of deceptive marketing by prediction market platform Polymarket and to provide written answers. The lawmakers cited reports that Polymarket paid social media influencers to produce fake trading videos on sites resembling the platform. A Wall Street Journal report said it reviewed more than 1,100 videos, with about 70 percent showing fake bets totaling nearly $2 million.

Crypto

U.S. CFTC consults major pro sports leagues to crack down on prediction markets

The U.S. Commodity Futures Trading Commission is consulting major U.S. professional sports leagues to strengthen oversight of sports-related prediction markets. Chairman Mike Selig said the agency signed a memorandum of understanding with Major League Baseball and is in talks with all pro leagues. The CFTC is widening cooperation to monitor insider trading and price manipulation linked to sports event contracts, amid prediction markets expanding into sports and jurisdiction disputes with state gaming regulators.