Coinbase Urges CFTC to Maintain Federal Oversight on Prediction Markets
- Regulatory Framework Appeal: Coinbase recently filed a formal comment letter with the Commodity Futures Trading Commission (CFTC), emphasizing that prediction markets should remain under federal oversight to prevent the 'regulatory chaos' that would arise from state-by-state rule-making, contradicting the intent behind the federal derivatives framework established by Congress in 1974.
- Economic Utility Argument: Coinbase's Chief Policy Officer, Faryar Shirzad, highlighted that event contracts are not new, as the CFTC has overseen derivatives tied to real-world events for decades, providing businesses and individuals a means to hedge uncertainty, akin to traditional futures markets.
- Public Interest Concerns: The letter calls for clarity from the CFTC on how it interprets its authority to deem certain contracts contrary to public interest, arguing that the current rule has been misinterpreted as a blanket ban, when it should follow a two-step process to assess whether a contract aligns with public interest.
- Escalating Legal Disputes: This filing comes amid escalating legal battles over prediction markets, with Coinbase facing a lawsuit from New York's attorney general regarding its offerings, while also engaging in legal disputes with regulators in Illinois, Michigan, and Connecticut, highlighting the regulatory challenges facing the industry.
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Technical Analysis for X
Technical Sentiment Analysis for X Empire (X). As of , X Empire (X) is exhibiting a Strong buy technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 5 indicators are flashing buy, while 1 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for X stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, X is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
X Empire (X) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | -0.0000109 | -0.000000423 | 0.00000589 | 0.0000163 | 0.0000226 | 0.0000331 | 0.0000394 |
| Fibonacci | -0.000000423 | 0.00000598 | 0.00000993 | 0.0000163 | 0.0000227 | 0.0000267 | 0.0000331 |
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