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About Cosmic Monstronauts
“We think investors will be looking for signs that Genius can leverage Legend’s relationship to capture a larger share of the rapidly expanding sports betting and prediction market opportunity,” he aded in a note this week.
Genius founder and CEO Mark Locke this week touted Genius’ position as a provider of official data, settlement and integrity services to both traditional betting and predictions platforms.
“Through Legend and our wider media platform we help operators acquire the customers all of them are competing for,” he added in a personal LinkedIn post.
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The failure to secure passage of the bill is a stinging defeat for both crypto-connected prediction operators and the CFTC, which has fully embraced the advance of digital assets under Chairman Michael Selig. Interest groups and political action committees had spent countless hours and millions of dollars lobbying for the legislation.
In statements, op-eds and media interviews since his appointment, Selig had pounded the table for a federal crypto framework. As the IGA’s Bean alluded to, the Clarity Act would have given the agency a number of new duties and authorities related to the new assets at a time when the commission’s existing workload has been cause for concern. There are typically five sitting CFTC commissioners at any given time, but Selig is currently the lone sitting commissioner with no other nominations submitted.
Selig recently hosted a meeting of the CFTC’s so-called Innovation Advisory Committee, which featured extensive discussion about crypto from leading CEOs. The committee’s charter says members pledge to “provide advice and recommendations” on several topics, including crypto assets and blockchain technology.
About Cosmic Monstronauts
Unlike regulated sportsbooks, prediction markets allow customers between the ages of 18 and 21 to trade on sports-event contracts. Craig Carton, a sports talk host with WFAN 660 AM in New York, criticised the athletes for their endorsement of Polymarket. Carton, a recovering compulsive gambler, opined that the “unregulated” gambling markets are driving Americans into bankruptcy and kids out of school. Regulated books prohibit those under 21 from betting on their platform, leading Carton to question the celebrities for promoting the company.
“At what point does someone come along where you say no to the offer?” Carton asked.
A Bank of America study released on 1 September found that the median deposit account balance of households that participated in online betting was 59% higher than households that avoided the activity. As prediction markets rapidly expand alongside traditional sports betting, the findings have prompted “some to blur the lines between entertainment and investment”, according to a proprietary study undertaken by BofA.
