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Highlights
- Winklevoss twins Tyler and Cameron Winklevoss urged the CFTC to withdraw its proposed rule on event contracts.
- Gemini argues the proposal is contrary to the statutory framework of the Commodity Exchange Act.
- Winklevoss twins blasts Elizabeth Warren for her decision to ban election betting on Polymarket.
Winklevoss twins Tyler Winklevoss and Cameron Winklevoss on Saturday said they have urged the U.S. Commodities Futures Trading Commission (CFTC) to withdraw its proposed rule on event contracts. Crypto companies including Coinbase have pushed back against the proposed rule that can ban prediction markets such as Polymarket.
Winklevoss Twins Urges CFTC to Withdraw Event Contracts Rule
Crypto exchange Gemini joined peers such as Coinbase to urge the commodities regulator CFTC to roll back a proposed rule on event contracts, which is claimed as vague and also gives a broader definition of “gaming.” Gemini said the proposal is contrary to the statutory framework of the Commodity Exchange Act.
Cameron Winklevoss revealed that Gemini submitted a letter to the commodities regulator for withdrawal of the Proposed Rule on event contracts. The rule would categorically ban all event contracts in the U.S., such as those traded on Polymarket.
“The CFTC should withdraw its Proposed Rule on event contracts, which would categorically ban all event contracts in the U.S., like those traded on Polymarket. Americans should not be denied access to these powerful markets,” said Tyler Winklevoss.
Winklevoss twins urged the regulator to rethink the event contract ban proposal as it has major economic consequences. The regulator must make thoughtful regulations and should not rely on political pressure. They asked the CFTC to disregard Senator Elizabeth Warren’s arguments to ban election betting on Polymarket, which would hamper innovation.
Why the Rule Can Be Struck Down by the Courts?
Winklevoss twins added that Senator Warren and US SEC Chair Gary Gensler have corrupted the integrity and tarnished the reputation of the SEC. They request the U.S. Commodities Futures Trading Commission to stay away from them and work on what’s best for the American people.
Even if the proposed rule is adopted, it will be revoked by the courts. The recent Supreme Court ruling in Loper Bright Enterprises v. Raimondo clear that regulatory agencies cannot expand their power through rulemaking.
Gemini asserts that the commodities regulator must withdraw the proposed rule rather than deny Americans access to these markets. Commissioner Summer Mersinger pointed out that the Proposed Rule “exceeds the legal authority that Congress granted the Commission.”
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