CFTC Considering Crypto.com Probe

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The Commodity Futures Trading Commission (CFTC) may be taking action against Crypto.com for offering investors the opportunity to place bets on major football games, including the upcoming Super Bowl.

According to Bloomberg, the CFTC is considering a proposal to review contracts that may be in violation of gaming laws for a period of 90 days. However, the CFTC does not have the authority to immediately cease trading, and any decision would not be made until after the Super Bowl on February 9.

The contracts, which are available on Crypto.com’s Chicago-based derivatives exchange, were submitted for approval right before Christmas, giving the CFTC very little time to assess their legality.

While the contracts do not directly mention the game names, they do clearly display team names and outcomes on the exchange’s app.

A Crypto.com spokesperson expressed disappointment in the CFTC’s potential action, especially as there will soon be a new administration in charge. They believe that the decision should be left to the new leadership to determine how free markets should be operated.