Federal regulators are examining the legality of Crypto.com’s betting contracts tied to the SUPER Bowl. With the CFTC considering a 90-day review, there are rising concerns regarding prediction markets and their implications on gaming laws.
The CFTC may impose bans on these sports betting contracts as it assesses whether they violate existing gaming laws. This review might extend beyond the SUPER Bowl, with the potential for significant restrictions on Crypto.com’s offerings.
On December 23, Crypto.com launched its sports event trading products amid HIGH interest prior to the SUPER Bowl. CEO Kris Marszalek highlighted the innovative nature of these products, which now face a thorough review by the CFTC.