@FormerCFTCGC I’d bet that “war” does not involve, relate to, or reference oil prices either
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Nick |
48 posts
Nick |
@iamnicklundgren
Former CLO https://t.co/PK6NPWCnWP | Former CEO https://t.co/Vxn3BRtt7x (fka nadex)
United States Katılım Ekim 2016
791 Takip Edilen682 Takipçiler
The year is 2010. Tom Brady is at the height of his powers. Congress is having days-long debates over arcane provisions of post-crisis economic legislation.
The Ag Committees decide to pre-empt sports gambling regulation & hand it to the CFTC. No one discusses it.
Be for real
Nick |@iamnicklundgren
Rule 40.11 enumerating "gaming" (among other specific things) as a specific category of underlying events is referring to the underlying event itself. Not other activities ancillary to the underlying event. The underlying event of a sports event contract is the sporting event itself. Sports existed before gambling on sports. Elections existed before gambling on elections. Weather existed before gambling on the weather. Calling a sport contest "gaming" and inferring that the contest itself is gambling is not supported from a common sense standpoint and certainly not supported from a legal standpoint. My kid isn't participating in gambling when playing tee-ball and Sam Darnold isn't participating in gambling when playing in the Super Bowl. Sportsbooks hanging a line and not immediately funding their payout on a time-price priority marketplace is not a swap and thus not subject to federal regulation. That's why sportsbook licensing (in some states) exists at the state level. And why sports prediction market licensing exists at the federal level. If 40.11 was supposed to include underlying activity involving "sports", it would have specifically and expressly listed "sports" as an enumerated category. It doesn't. Regardless, whether 40.11 applies to a CFTC-registered institution is EXCLUSIVELY the CFTC's jurisdiction and not the patchwork of possible interpretations of each of the 50 states. The global sports industry is in the trillions of dollars. Saying there is no economic impact to the outcome or occurrence of specific sporting events is laughable.
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@arshbot occ.gov/news-issuances…
For riskless principal at least
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I'm going to make a prediction that will shock many of you:
Going forward, for at least the next few years, MTL licensure in the US will be obsolete.
And everyone who has a litany of MTLs will feel the compliance burden of an outdated vehicle they bought and paid for.
In it's place will be the occ bank trust charter (which is not the same as a depository bank charter like you'd interact with at JP morgan). The bank trust charter will turn into a kind of federal crypto license.
You've seen over the last few months many conditional or full approvals for bank trust.
@stablecoin, @coinbase, @bitgo, @nubank, etc
That will be the new norm. Bookmark this post.
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@Pampadalampa Exactly. States don’t have a say on federally regulated platforms.
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@iamnicklundgren Shouldn't CFTC reason to exist to have exclusive power over prediction contracts, otherwise it going to be a really messy system if states can have a saying in it.
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Rule 40.11 enumerating "gaming" (among other specific things) as a specific category of underlying events is referring to the underlying event itself. Not other activities ancillary to the underlying event. The underlying event of a sports event contract is the sporting event itself. Sports existed before gambling on sports. Elections existed before gambling on elections. Weather existed before gambling on the weather.
Calling a sport contest "gaming" and inferring that the contest itself is gambling is not supported from a common sense standpoint and certainly not supported from a legal standpoint. My kid isn't participating in gambling when playing tee-ball and Sam Darnold isn't participating in gambling when playing in the Super Bowl.
Sportsbooks hanging a line and not immediately funding their payout on a time-price priority marketplace is not a swap and thus not subject to federal regulation. That's why sportsbook licensing (in some states) exists at the state level. And why sports prediction market licensing exists at the federal level.
If 40.11 was supposed to include underlying activity involving "sports", it would have specifically and expressly listed "sports" as an enumerated category. It doesn't.
Regardless, whether 40.11 applies to a CFTC-registered institution is EXCLUSIVELY the CFTC's jurisdiction and not the patchwork of possible interpretations of each of the 50 states.
The global sports industry is in the trillions of dollars. Saying there is no economic impact to the outcome or occurrence of specific sporting events is laughable.
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🚨 The CFTC “does not believe” that an event contract on a sports event “involves gaming.” 🚨
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Nick | retweetledi
Arizona’s decision to weaponize state criminal law against companies that comply with federal law sets a dangerous precedent. I welcome the Court’s order today that sends a clear message: these cases raise important issues that must be resolved before states seek to enforce state laws against @CFTC registrants.
Any state that attempts to circumvent federal law will be met in court.
Read more ⬇️
cftc.gov/PressRoom/Pres…
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Appreciate the official recognition as the first-ever DCM to be designated a prediction market by the @CFTC in their most recent Proposed Rulemaking!
We were also the first regulated sports prediction market in the country too 💪
cftc.gov/PressRoom/Pres…
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Nick | retweetledi
We're going to be setting very clear standards as to the types of prediction markets that can be self-certified in our markets. We’re also planning to move forward with an advanced notice of proposed rulemaking in the near future that will set the stage for more fulsome prediction markets rulemaking.
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Nick | retweetledi
Prediction markets are regulated in the same way as other financial products traded on @CFTC licensed exchanges and are just a small portion of the $500 trillion notional derivatives market in the US.
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@cryptocom conditionally approved for OCC banking charter. Let’s go 💪
crypto.com/us/company-new…
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@CryptoGParty @twenty3ry Deprecating zksync chain. No need for it, not used, resource suck, costs 7-figs just to run.
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Ryan thinks for a team like CRONOS
leaning too hard into the NFTs and meme hype would be a "huge distraction" for them
what do you think ?
Twenty3ry@twenty3ry
Smit explains why crypto.com is been methodical about bringing users onchain from "earn" products to tokenized stocks, the goal is one seamless integrated flow.
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Nick | retweetledi
This is patently false. Congress has not given the exclusive power to the CFTC to regulate prediction markets. He just made this up out of thin air because the gambling companies that back Trump wanted him to.
Mike Selig@ChairmanSelig
I have some big news to announce…
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President Trump’s CFTC is moving to block states from regulating prediction markets.
Chairman Michael Selig, who recently withdrew a proposed rule on sports event contracts, is filing an amicus brief asserting the markets fall exclusively under CFTC jurisdiction.
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I recognize this is just my small corner of the world, but not sure there's ever been a more highly anticipated amicus brief in U.S. history than Mike Selig's prediction-market filing (which still hasn't hit the docket).
Will he say the word sports? We're all dying to know.
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America is home to the most liquid and vibrant financial markets in the world because our regulators take seriously their obligation to police fraud and institute appropriate investor safeguards. Any erosion of the @CFTC’s ability to regulate transactions in commodity derivatives is a direct threat to the markets and investors Congress intended the agency to oversee.
wsj.com/opinion/states…
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@esqCRO Who does the marketing Nick? Would love to speak to someone to see how we can get real communities engaged in OG
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We’re number 1 in regulatory approvals and security certifications globally for a reason - protecting our clientele to the maximum extent is a cornerstone of our offering 🔒
Cointelegraph@Cointelegraph
🔥 TODAY: Crypto. com became the first digital asset platform to achieve ISO/IEC 42001:2023 AI security certification.
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23 U.S. Senators wrote CFTC Chairman Michael Selig to reconsider his recent comments on prediction markets, sports event contracts.
sportsbettingdime.com/news/betting/2…
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NEW: 🇺🇸 CFTC Chair Michael Selig says the agency will no longer sit idly by while overzealous states undermine federal jurisdiction over prediction markets.
CFTC files friend-of-the-court brief supporting @cryptocom
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