Billionaire brothers get regulatory nod to launch prediction market

Core Insights - Gemini Space Station, Inc. has received authorization from the CFTC for its affiliate, Gemini Titan, LLC, to operate as a Designated Contract Market, enabling it to offer regulated event-based prediction markets to US customers [1][2] Group 1: Regulatory Approval - The approval marks the end of a five-year review process that began with Gemini's application for a DCM license on March 10, 2020 [2] - Co-founder Tyler Winklevoss described the approval as "the beginning of a new chapter" for the company, expressing gratitude towards the Biden Administration for ending what he termed a "war on crypto" [3] Group 2: Market Position - With CFTC approval, Gemini Titan joins a limited number of regulated platforms in the US, including Kalshi and Polymarket, which offer event-based trading [5] - Kalshi, founded in 2018, provides event contracts on various topics, positioning itself as a regulated alternative to offshore betting exchanges [5] - Polymarket operates on the blockchain and is the largest prediction market, recently raising $2 billion at a valuation of $9 billion [6] Group 3: Industry Trends - Prediction markets are gaining importance in traditional finance, with a recent Wall Street survey indicating optimism about their future, although some caution remains [6]