Gemini Secures CFTC Approval to Launch U.S. Prediction Markets, Stock Jumps 14%
### Gemini Receives CFTC Approval to Launch U.S. Prediction Markets; Stock Rises Nearly 14%
Gemini, a prominent cryptocurrency exchange co-founded by Tyler Winklevoss, has clinched approval from the Commodity Futures Trading Commission (CFTC) to provide prediction markets in the U.S. This landmark achievement comes following a five-year licensing process and has spurred a significant increase in the company’s stock, which surged nearly 14%.
This approval positions Gemini as the first crypto exchange legally allowed to operate U.S. prediction markets, a development that marks a pivotal moment in the landscape of digital finance. The move potentially signals a shift away from restrictive policies seen during previous administrations, with Winklevoss stating, “Today's approval marks the culmination of a 5-year licensing process and the beginning of a new chapter for Gemini,” while also highlighting a victory over “the Biden Administration's War on Crypto.”
The feature is expected to enhance Gemini's offerings, promoting itself as “a one-stop financial super app." This innovative platform aims to leverage the collective intelligence of its user base, described as the “wisdom of the crowd.”
As details emerge regarding its operations, many in the crypto space are watching closely to see how this approval will reshape the future of prediction markets and trading dynamics in the United States.
This article is a summary of publicly available news. It is not financial advice and should not be taken as guidance for investment decisions. Always do your own research and, if needed, speak to a qualified financial adviser.