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CFTC withdraws 2024 proposal targeting bans on sports and political prediction markets
On Wednesday, CFTC Chair Mike Selig said the agency has withdrawn a 2024 proposed rule that sought to classify sports, political and war-related event contracts as contrary to the public interest. Selig, who criticized the earlier effort as merit-based regulation by the Biden administration, added that the CFTC will instead pursue new rulemaking under the Commodity Exchange Act and has also rescinded a separate staff letter on sports event contracts.