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Dragonfly and Crypto.com Join Coinbase to Challenge CFTC’s New Proposed Rules
Dragonfly Digital Management, a California-based financial advisory firm, and Crypto.com, a leading digital asset trading platform, have joined Coinbase in challenging the Commodities Futures Trading Commission’s (CFTC) newly proposed rules on prediction markets.
In separate letters to the commodities watchdog, both Dragonfly and Crypto.com criticized the proposed rule change that seeks to ban prediction markets in the United States, labeling it an “overreach”. They referenced the recent Supreme Court ‘Chevron’ decision, which limits the agency’s ability to interpret regulations without clear authorization from Congress.
CFTC’s Proposed Rule Change
Earlier this month, the CFTC, under the influence of anti-crypto Senator Elizabeth Warren, introduced a proposed rule change to ban prediction markets – platforms where participants can bet on the outcomes of future even
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