CFTC Acting Chairman: Predicting the market is an important new field that requires clear regulation

Odaily Planet Daily News: The US CFTC announced on Wednesday that it will hold a public roundtable meeting to review the prediction market, and its acting chairman Caroline D. Pham said that there is a need for clearer regulation of such platforms. She said, "Unfortunately, the improper procrastination and anti innovation policies of the past few years have severely limited the CFTC's ability to shift towards common sense predictive market regulation." She also pointed out that predictive markets are an "important new field" that can harness the power of the market to bring truth to the information age. Pham believes that the current interpretation of event contracts by the CFTC is an abyss of legal uncertainty and an inappropriate constraint on the new government. The CFTC must break its past hostility towards innovation and adopt a forward-looking attitude towards future possibilities She stated that the open roundtable meeting is a necessary first step in establishing a comprehensive regulatory framework for the prediction market, as the new framework aims to promote the platform while protecting users from deceptive market behavior. This forum will address several key obstacles to establishing a framework, including past CFTC decisions, court orders, and enforcement actions, as well as general interpretations of contracts for predicting market events. The statement states: 'Participants will include various experts and stakeholders representing diverse interests on these issues.'. However, there was no mention of the name of the prediction market to be discussed at the public roundtable meeting. The roundtable meeting is scheduled to be held at the CFTC headquarters in Washington, D.C. More details about the event have not yet been announced. （The Block）