Gemini Secures CFTC Approval for US Prediction Markets

Gemini, the cryptocurrency exchange founded by twins Tyler and Cameron Winklevoss, received approval from the U.S. Commodity Futures Trading Commission on Wednesday to operate a designated contract market, paving the way for the launch of regulated prediction markets for American customers.

The approval, granted to Gemini's affiliate Gemini Titan, allows the platform to offer yes-or-no event contracts tied to verifiable outcomes in areas such as economics, finance, politics, and sports. U.S. users will soon access these contracts through Gemini's website using U.S. dollars, with mobile app integration to follow. The company first applied for the license in March 2020, marking the end of a five-year regulatory review process that typically exceeds a year for such approvals.

Gemini CEO Tyler Winklevoss described the decision as "the culmination of a 5-year licensing process and the beginning of a new chapter for Gemini." He credited the supportive regulatory environment under CFTC Acting Chairman Caroline Pham, who has advanced digital asset initiatives. Pham also named Tyler Winklevoss to the agency's CEO Innovation Council, which includes leaders from platforms like Polymarket...