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CFTC’S PHAM SEEKS ‘COMMON-SENSE’ REGULATION OF PREDICTION MARKETS IN NEW ROUNDTABLE
▪️The CFTC will hold a public forum to discuss prediction markets, though it did not name any specific marketplace in its announcement.
▪️CFTC Acting Chair Pham said past years of anti-innovation policies have restricted “common-sense” regulations of prediction markets.
The Commodity Futures Trading Commission announced Wednesday that it will hold a public roundtable to examine prediction markets, where its acting chair Caroline D. Pham expressed the need for more clarity in regulating such platforms.
“Unfortunately, the undue delay and anti-innovation policies of the past several years have severely restricted the CFTC’s ability to pivot to common-sense regulation of prediction markets,” said CFTC Acting Chairman Caroline D. Pham.
Pham said prediction markets are an “important new frontier” that can bring truth to the information age by utilizing the power of markets.
“The current Commission interpretations regarding event contracts are a sinkhole of legal uncertainty and an inappropriate constraint on the new administration,” Pham said.
Last year, the commission requested a district court to review a previous ruling in Kalshi’s favor in an attempt to block U.S. election bets on the prediction market. The two have been in a legal dispute since 2023 over the offerings of event contracts linked to congressional matters.
Earlier this week, it was reported that the CFTC was questioning prediction market Kalshi and Singapore-based crypto exchange Crypto.com over whether their derivatives-based Super Bowl sports events contracts were compliant.
“CFTC must break with its past hostility to innovation and take a forward-looking approach to the possibilities of the future,” Pham stated.
The roundtable
The public roundtable is a necessary first step in establishing a comprehensive regulatory framework for prediction markets, Pham said, as the new framework aims to promote the platforms while protecting users from deceptive market practices.
The forum will tackle several key roadblocks in establishing the framework, including past CFTC decisions, court orders and enforcement actions, and interpretations of event contracts on prediction markets in general.
“Participants will include a wide variety of experts and stakeholders representing numerous and diverse interests in these issues,” the statement said.
However, the release did not mention names of prediction markets that would be discussed at the public roundtable.
The roundtable is scheduled to be held at the CFTC headquarters in Washington, D.C., with further details on the event yet to be announced.
@ Newshounds News™
Source: The Block
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RIPPLE EXPANDS US WORKFORCE BY 75% AFTER ELECTIONS: IS THE SEC LAWSUIT ENDING SOON?
Ripple’s CLO, Stuart Alderoty, recently shared his thoughts on the new U.S. administration’s approach to cryptocurrency. In an interview with CNBC, Alderoty expressed his satisfaction with the changes brought about by the new administration.
He explained that the previous administration had essentially waged a “war” on crypto, pushing the industry out of the U.S. in favor of restrictive policies. However, since the inauguration, Alderoty praised the new administration for embracing cryptocurrency and clearing obstacles that had been stifling innovation.
Ripple’s Onshore Hiring Surge Amid SEC Case
Alderoty revealed that Ripple, which has been based in the U.S. for over 12 years, is benefiting from these shifts. He said that following the election, 75% of Ripple’s hiring efforts, which were previously offshore, are now being brought back onshore in the U.S.
The company is eager to build and expand its operations domestically, with the belief that the U.S. can once again become the global leader in cryptocurrency technology.
These changes come amid the ongoing SEC case, which has been dragging on for four years. The updates have left many wondering if the case might be coming to an end soon.
Ripple’s Response to U.S. Crypto Reform
When discussing U.S. crypto reform, Alderoty outlined three major forces shaping the landscape: President Trump’s executive order, changes in federal regulation, and legislative action from Congress.
He stressed the importance of the executive order, which reaffirms the U.S.’s goal of becoming the “crypto capital of the world.” The order has sparked a series of positive regulatory developments, including the appointment of David Sachs as the “crypto czar,” who is leading a task force to review and update crypto regulations.
Additionally, Alderoty praised the actions of the SEC’s acting chair, Mark Uyeda, who recently acknowledged the regulatory confusion of the past few years. Alderoty is optimistic that these changes will make it easier for banks to engage with crypto, further positioning the U.S. as a favorable environment for crypto innovation.
@ Newshounds News™
Source: Coinpedia
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RIPPLE’S RLUSD TOKEN SECURES MAJOR LISTINGS
The Ripple USD (RLUSD) stablecoin has secured several new listings, according to a Wednesday announcement.
The much-hyped stablecoin is now available for trading on Revolut and Zero Hash. These recent additions are likely to result in substantially broader RLUSD adoption.
London-based fintech firm Revolut boasts more than 50 million customers across the globe. Last September, it was reported that the company planned to launch its own stablecoin. In November, it also obtained the approval to expand its services across the EU after securing a banking license in the UK.
Zero Hash is a prominent cryptocurrency infrastructure platform. With the addition of RLUSD, the platform now supports five stablecoins across various chains.
RLUSD is, of course, available on both Ethereum and the XRP Ledger, and the stablecoin is expected to add more platforms in the future. The Zero Hash integration is significant for the RLUSD since it means that Ripple’s stablecoin is now part of the stablecoin engine that is powering various fintech firms in the realm of payments (remittances, payouts, AI agents) and trading.
Zero Hash CEO Edward Woodford says that the listing of Ripple’s RLUSD token shows that the company is committed to offering its customers the most “innovative and regulated” stablecoin products.
As reported by U.Today, the Ripple stablecoin recently surpassed $100 million in market capitalization.
The token was also recently listed on Bitstamp, one of the oldest cryptocurrency exchanges.
According to CoinGecko, the market cap of RLUSD currently stands at $108 million.
@ Newshounds News™
Source: U Today
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