Crypto exchange operator Gemini has received approval to operate a designated contract market (DCM) by the Commodities and Futures Trading Commission (CFTC). The crypto exchange says it will use the DCM to offer trading in event contracts.
Approval from the CFTC has reportedly taken the crypto firm five years, with company co-founder Tyler Winklevoss implying the regulator had been weaponised under the Biden administration to prevent the firm from getting DCM approval.
“Today’s approval marks the culmination of a 5-year licensing process and the beginning of a new chapter for [Gemini],” said Winklevoss on X. “We thank [Donald Trump] a for ending the Biden Administration’s War on Crypto and [CFTC] Acting Chairman [Caroline Pham] for her hard work and dedication to help realize President Trump’s vision for making America the crypto capital of the world.
“It’s incredibly refreshing and invigorating to have a President and a financial regulator who are pro crypto, pro innovation, and pro America.”
Gemini’s approval adds further fuel to the battle for event contract supremacy.
Kraken, Crypto.com, and Coinbase now all operate DCMs in the US, which can be used to offer both event contracts and perpetual futures. That’s in addition to the two main players in the event contract space – Kalshi and Polymarket – both of which have CFTC approval.
