00:00All right, let's end here with prediction markets.
00:02We couldn't get out of one discussion with Sam
00:04without discussion on prediction markets.
00:06So here we go.
00:08The CFTC says they're gonna take a close look
00:11at prediction markets.
00:13The first time we've really ever heard this before.
00:15And so it's one step toward the unknown.
00:19I don't necessarily think that this may mean anything
00:21in the end, but once they open up Pandora's box here
00:24to investigate and we see some of the pushback coming
00:27from a lot of states with the cease and desist,
00:30I mean, I'm not gonna say that prediction markets
00:31are coming to an end here anytime soon,
00:34but who knows what the future holds?
00:36Not as clear as maybe it was a couple of months ago.
00:40Yeah, I think that's a spot on take, Craig.
00:43This is, the news here is a step has been taken,
00:46but you have no idea what the heck that step
00:48is gonna look like.
00:49The new chair of the CFTC,
00:50who was only confirmed in December,
00:52remember the CFTC went almost an entire year
00:54without any real leadership, without any seats filled,
00:58you know, understaffed, underfunded.
01:00You had the NBA, the MLB, NFL pleading,
01:04asking, urging for them to make rules
01:06around these crazy sports prediction markets we have,
01:08which are able to self-certify with new markets
01:10and, you know, offer things on the transfer portal,
01:13offer crazy markets that are not allowed in sportsbooks.
01:16The CFTC chair, Michael Selig,
01:18finally came out in an op-ed this week saying,
01:20we are going to create new regulations
01:22and new rules for all of the things
01:25under the CFTC's jurisdiction.
01:27You know, that's all these burgeoning financial products,
01:30not just prediction markets,
01:31but obviously that includes sports prediction markets as well.
01:34He called it a future-proof initiative
01:36that'll unfold in the coming days,
01:38you know, whether or not the coming days
01:39means next week or next year.
01:41Who knows with that?
01:44But it is a step in the direction of
01:45maybe we will finally have some clarity around these rules
01:47where, as you mentioned, Craig,
01:49tons of states are suing to stop this.
01:51Tons of states have lobbied the CFTC to stop this.
01:53So the CFTC is kind of finally opening their eyes,
01:55saying, okay, we're going to do something.
01:57Now we'll have to wait and see what that is.
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