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In May, Gemini Space Station Inc. applied to the Commodity Futures Trading Commission (CFTC) of the United States for approval to operate a derivatives exchange.
The application includes register a business unit called “Gemini Titan” to operate as a designated contract marketa type of regulated business location. Thirteen documents related to the application are available on the CFTC’s website.
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According to a Bloomberg reportGemini was they plan to soon introduce products related to this registration. The exchange is expected to manage these offers directly, rather than relying on third-party services.
In August 2024, Gemini submitted comments to the CFTC on a proposed rule regarding event-based contracts. The company claimed that the rule exceeded the authority of the regulator and warned that banning all “event contracts involving gambling” could prevent the growth of legitimate betting markets.
To list such contracts legally, Gemini would likely need to execute through a CFTC-regulated designated contract market. These markets must meet 23 regulatory standards.
The rules cover a range of responsibilities, including monitoring business activities, ensuring financial health, establishing internal controls and protecting the integrity of the system.
Recently, DraftKings announced plans to launch “DraftKings Predictions,” built on Polymarket. What is it? Read the full story.
