Gemini Seeks CFTC Approval for Prediction Market Derivatives Platform
Gemini, now Nasdaq-listed, is seeking CFTC approval to launch regulated prediction market contracts amid surging interest driven by 2024 election betting trends.
Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss and listed on the Nasdaq Global Select Market since September 2024, is planning to enter the prediction market sector, according to Bloomberg. The exchange aims to offer regulated derivatives contracts tied to real-world events and will require approval from the U.S. Commodity Futures Trading Commission, a process that could take several months. The move follows a surge in popularity of platforms like Polymarket and Kalshi, which saw over $8 billion bet during the 2024 U.S. election campaign. Other firms, including Trump Media in partnership with Crypto.com, have announced similar ambitions. Gemini’s entry would diversify its portfolio beyond cryptocurrency trading into event-based derivatives with federal oversight.
- Prediction market derivatives: Financial instruments whose value is based on the outcome of a future event, traded within regulated markets.
- CFTC (U.S. derivatives regulator): Commodity Futures Trading Commission, the federal agency supervising U.S. futures and derivatives trading.