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Digital Chamber

Prediction markets

As state regulators crack down on prediction markets, the Digital Chamber is campaigning to have the space under CFTC oversight.

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Tim Hakki

Web 3 Journalist

Tim Hakki

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Feb 2024

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A journalist and copywriter with a decade's experience across music, video games, finance and tech.

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5 hours ago

The Digital Chamber has officially announced the Prediction Markets Working Group, a strategic unit designed to secure federal oversight for the booming wagering sector.

With individual state regulators cracking down on prediction market platforms, the group is pushing for the Commodity Futures Trading Commission (CFTC) to take exclusive control to end the fragmentation of the market.

Key Takeaways

New Defense Unit: The Digital Chamber forms a specialized group to defend prediction markets against state-level bans.

Primary Goal: Advocating for CFTC supremacy over fragmented state gaming commission enforcement.

First Move: Strategic letter sent to CFTC Chair Mike Selig urging tailored federal rulemaking over litigation.

What’s Happening to U.S. Prediction Markets Now?.

The regulatory turf war has reached a boiling point. While volumes on decentralized platforms explode, state regulators are effectively trying to shut the sector down.

Just recently, the Nevada Gaming Control Board hit Kalshi with a civil enforcement action, seeking an injunction against what they term “unlicensed wagering.”

This creates a hostile environment for traders. Platforms are caught between federal compliance efforts and aggressive state gaming commissions claiming jurisdiction.

The Digital Chamber’s move is a direct response to this chaos, aiming to consolidate oversight under federal law rather than state gambling statutes.

The Mechanics of the Push.

The group’s immediate strategy involves aggressive advocacy and litigation support. In the announcement released Tuesday, the Digital Chamber outlined plans to file “friend-of-the-court” briefs to educate judges on the CFTC’s historic regulatory exclusivity.

Their first official action was sending a letter to CFTC Chairman Mike Selig. The group praised Selig’s stance on maintaining federal jurisdiction but demanded an end to regulation by enforcement.

“For too long, operators in this space have navigated a maze of regulatory ambiguity, including unclear overlaps between federal and state regulators,” the group stated.

This initiative parallels broader legislative efforts. While Trump wants a market structure bill soon, this working group seeks to define prediction markets strictly as financial derivatives, not gambling products.

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What Happens Next for Traders?.

If the working group succeeds in establishing federal oversight, it opens the floodgates for institutional capital.

A clear mandate from the CFTC would remove the “gambling” stigma and allow US-based traders deeper...

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