In May, Gemini Space Station Inc. submitted an application to the US Commodity Futures Trading Commission (CFTC) seeking approval for a derivatives exchange.
The application involved establishing a business unit called “Gemini Titan” to function as a designated contract market, which is a type of regulated trading venue. Thirteen documents pertaining to this application can be found on the CFTC’s site.
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As reported by Bloomberg, Gemini is planning to roll out products linked to this registration soon. The exchange aims to oversee these offerings directly without involving third-party services.
In August 2024, Gemini shared feedback with the CFTC regarding a proposed regulation on event-based contracts. They argued that the rule exceeded regulatory authority and cautioned that a ban on all “event contracts involving gaming” could hinder the legitimate growth of prediction markets.
To lawfully list such contracts, Gemini would likely need to operate them through a CFTC-regulated designated contract market, adhering to 23 regulatory standards.
These regulations include various obligations such as overseeing trading activities, maintaining financial health, implementing internal controls, and safeguarding system integrity.
Meanwhile, DraftKings has revealed plans for a new venture called “DraftKings Predictions” on the Polymarket platform. Curious to learn more? Find out the details here.