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CryptoCom Under Probe By US CFTC Over Super Bowl Event Contracts

Digital currency trading platform CryptoCom and Kalshi are in the crosshairs of the US CFTC over Super Bowl predictions offering
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CryptoCom Under Probe By US CFTC Over Super Bowl Event Contracts

Highlights

  • The US CFTC is looking into CryptoCom and Kalshi
  • Specifically, the probe looks into the Super Bowl event contracts on both platforms
  • Both CFTC and SEC are overhauling approaches to key market policies

The US Commodity Futures Trading Commission (CFTC) is conducting a probe into digital assets trading platform CryptoCom and predictions marketplace Kalshi Inc over their launch of Super Bowl event contracts. As reported by Bloomberg, the probe seeks to clarify whether the offerings comply with existing derivatives regulations.

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US CFTC Unsure About CryptoCom Super Bowl Bets

Per the Bloomberg report, this probe into the platforms follows from the markets regulator’s statutory powers to seek more information on outfits that self report their offerings. Among the many things the CFTC is looking at is whether these Super Bowl event contracts are susceptible to manipulation.

A CFTC spokesperson revealed that its probe into the platforms is merely in line with its regulations. Earlier in January, the regulator placed the CryptoCom Super Bowl events contract under review. Recall that the crypto exchange launched the Super Bowl predictions market in December. This launch comes amid controversial take between the CFTC under Rostin Behnam and the broader market.

Based on the outcome of the probe, the regulator could chose to ban the Super Bowl offering from CryptoCom. With the probe still at the early stages, the Bloomberg report notd that the Kalshi Super Bowl offering does not have this clause yet.

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US CFTC and Push For Regulatory Clarity

With the emergence of US President Donald Trump, he appointed Caroline Pham as Chair of the CFTC. Recognized as a pro-crypto regulator, many anticipated reforms in how the regulator handles the industry.

With betting markets like the Super Bowl contracts one of the lingering issues with limited clarity, Pham sought to solve these issues. Shortly after her appointment, she unveiled plans to organize a public Roundtable on crypto to address some of the industry painpoints.

Market experts believe that these request for information from CryptoCom and Kalshi are strategic steps toward achieving this goal. 

Beyond CryptoCom: SEC is to Watch

For the crypto industry, proponents have always advocated for the US CFTC to take charge of key regulatory trends. However, the regulatory trends at the Securities and Exchange Commission (SEC) is also changing at the moment. 

The White House named Mark Uyeda as the acting Chair of the commission pending the confirmation of Paul Atkins. As the gatekeeper, Uyeda has launched a crypto task force to address regulatory grey areas. 

With the shift in policy and the willingness to collaborate with the crypto industry, proponents are convinced the needed change is here.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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