The CFTC has approved Gemini's Designated Contract Market license, enabling the launch of a prediction market and potential expansion into crypto futures and options. This approval comes as the regulatory landscape for prediction markets shifts, with increased support from current CFTC leadership.

Michael Selig, the new chair of the CFTC, has introduced an innovation committee to explore regulation of prediction markets and digital assets. This move coincides with ongoing Congressional discussions about expanding the agency's authority in the crypto space, amid rising concerns over insider trading in prediction markets.

Polymarket, a crypto-based prediction markets platform, has received approval from the CFTC to operate in the United States. The ruling follows a no-action letter regarding swap data reporting and recordkeeping regulations, paving the way for Polymarket's entry after a prior federal investigation was dropped.