Paradigm Submits Comments on U.S. CFTC's Overly Broad Proposed Rules Regarding Political Event Contracts and Prediction Markets

Paradigm stated that the US presidential election will be held this year and the results in November will have a profound impact on the world, the country, and especially on cryptocurrency. The prediction market has recently become a potential focus and indicator of the election results. The CFTC has decided to proceed with a proposed rule that completely prohibits political event contracts and also greatly limits the potential implementation scope of the prediction market.

Paradigm has raised significant concerns about the NPRM event contracts, which suggest a wide and unbounded prohibition of various products "predicting the market", otherwise these products can further promote the goal of responsible innovation in commodity trading law. They urge the CFTC to thoroughly revise or repeal this rule, which is ill-considered and biased towards technology. Elections and democracy depend on accurate, real-time information; regulations should not ignore our democratic forest in order to regulate the underbrush.