Cryptocurrency exchange Gemini has urged U.S. regulators to retract a proposed regulation that would ban all event contracts on decentralized prediction markets if implemented. In an August 8 letter to Christopher Kirkpatrick, the secretary of the U.S. Commodity Futures Trading Commission (CFTC), Gemini highlighted the negative impact this rule could have, particularly on prediction markets used to forecast elections. “We highlight the adverse impact that this rule would have on prediction markets, including prediction markets used to forecast elections,” the letter stated. Cameron Winklevoss, co-founder of Gemini, further emphasized on social media the importance of crypto prediction platforms like Polymarket,