CFTC Launches Investigation into Crypto.com

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The US Commodity Futures Trading Commission (CFTC) is investigating Crypto.com’s offering of sports wager contracts.

These contracts, which are available on the exchange’s Chicago-based derivatives platform, were submitted for review shortly before Christmas.

This left the CFTC little time to assess their legality. While the contracts do not explicitly mention specific games, they do display team names and outcomes in the Crypto.com app.

“We are currently evaluating these contracts in accordance with our regulations,” a CFTC spokesperson told Bloomberg on February 3.

Commissioner Caroline Pham is currently leading the investigation. However, the CFTC does not have the ability to immediately stop trading of these contracts. A decision on the matter will only be made after the Super Bowl on February 9.

Louis Adams https://www.satoshihodler.com

I am an experienced crypto news writer. I have been in the industry for many years and believe this tech can bring financial freedom to everyone.