🔥Hot off the press! The U.S. Commodity Futures Trading Commission (CFTC) is proposing a ban on prediction market trading, particularly those betting on political outcomes. 🚫

The CFTC argues this kind of trading "degrades the integrity" of the democratic process. But critics, including Commissioner Caroline Pham, call it a "stunning overreach" and suggest a third-party review of the regulator. 🧐

Popular platforms like PredictIt, Polymarket, Zeitgeist, and Kalshi could be affected. They allow users to buy contracts on actual events, including elections and policy developments. If approved, the ban would also apply to contracts on awards contests and game outcomes. 🎲

The proposal is still in early stages, with a 60-day public comment period to follow. What's your take on this? Is it a necessary step to protect the democratic process or an overreach of regulatory power? Let's hash it out in the comments! 💬 #CryptoNews #CFTC #Regulation