The regulator's probe is focused on the issue of sports being considered gaming, said New York-based crypto lawyer Aaron Brogan.
The regulator's probe is focused on the issue of sports being considered gaming, said New York-based crypto lawyer Aaron Brogan.The CFTC is investigating Crypto.com and Kalshi's sports-related prediction market contracts, according to a report from Bloomberg.
The recent probe of Crypto.com and Kalshi's sports contracts all comes down to a single question — are event contracts premised on sports “gaming” within the meaning of the Commodities Exchange Act, said crypto lawyer Aaron Brogan. Brogan explained that the Judge in that ruling defined "gaming" as “playing games” or “playing games for stakes” and specifically cited past discussions in Congress during the writing of the Commodities Exchange Act, during which a lawmaker said the rule against gaming was meant to cover sports betting.
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