Crypto.com snubs CFTC suspension of Super Bowl futures exchange contracts
Crypto.com has continued to offer Super Bowl futures exchange contracts despite the Commodity Futures Trading Commission ordering it to suspend the offering pending a federal review of its legality.
According to Front Office Sports, Crypto.com believes the contracts are legal and plans to continue to offer them until at least after incoming-President Donald Trump is inaugurated later this month.
In a statement, the crypto exchange told Front Office Sports, “It is disappointing that the current and imminently departing CFTC leadership would take this action while not allowing the incoming CFTC leadership to determine how free markets operate under its administration. The majority’s decision to apply this rule contradicts recent Federal Court rulings and conflicts with the current Commission’s own statement set forth in its recent rule proposal.”
Crypto.com launched the controversial trading predictions platform exclusively to U.S. customers on 23 December. The event contracts enable players to predict which team will win the Super Bowl.
The request for the platform’s suspension came before the President-elect’s inauguration, as the Chair of the Commodity Futures Trading Commission Rostin Behnam will step down on inauguration day, January 20.
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