CFTC Withdraws Biden-Era Plan to Ban Political Event Contracts, Signals New Rules

The U.S. Commodity Futures Trading Commission (CFTC) on Feb. 5 withdrew a Biden-era proposal that sought to prohibit political event prediction contracts and signaled plans to draft new rules governing such contracts, BlockBeats reports. The move comes as the CFTC seeks to broaden its authority over prediction markets amid widening jurisdictional contests in the United States, while U.S. states intensify regulatory pressure on such markets under gambling and financial oversight frameworks. Nevada's gambling regulator recently filed a complaint against Coinbase, alleging the platform offered unlicensed sports betting via event contracts, and such state-federal jurisdictional conflicts remain ongoing despite the CFTC's withdrawal.