Former CFTC Chair Russ Behnam Says Prediction Market Growth Could Reach U.S. Supreme Court

Former CFTC Chair Russ Behnam said Congress needs to clarify the line between risk management and gambling as prediction markets grow rapidly, and related lawsuits could ultimately reach the U.S. Supreme Court. According to ChainCatcher, he made the remarks at Georgetown University’s Financial Markets Quality Conference.Behnam also said that after the Clarity Act failed to advance in the Senate, the CFTC’s use of its existing authority to regulate spot markets is like patching things with tape and paper clips. He said regulators need more durable rules.