Gemini's Tyler Winklevoss Expresses Gratitude to Trump for Promoting Crypto Regulations Following DCM License Approval

On Wednesday, Gemini Space Station announced that its affiliate, Gemini Titan, received approval from the U.S. Commodity Futures Trading Commission (CFTC) to operate a Designated Contract Market (DCM). This approval paves the way for the exchange to offer regulated prediction markets across the United States. This launch signifies Gemini’s entry into the dynamic sector of event contracts, where traders engage in buying and selling binary 'yes or no' positions related to future events. Gemini has been pursuing a DCM license since March 2020, but had not revealed that this application would serve as the foundation for a standalone prediction-market platform. U.S. customers will initially be able to access contracts via Gemini's website using existing USD balances, with mobile access to follow shortly. This move places Gemini in a competitive landscape that includes platforms like Kalshi and Polymarket, which experienced a significant boost in trading volumes during last year’s election cycle and have continued to grow since President Donald Trump took office. The sector has historically faced stringent CFTC oversight, including enforcement actions against platforms such as Polymarket and strict limitations on political markets. A recent legal victory by Kalshi against the CFTC regarding event contract listings has opened new regulatory avenues for platforms aiming to diversify into areas like sports and economic forecasts. Tyler Winklevoss, CEO of Gemini, commended Trump for “putting an end to the Biden Administration’s opposition” to the crypto industry, emphasizing that it is revitalizing to have a president and financial regulator supportive of crypto and innovation. Meanwhile, Gemini’s President, Cameron Winklevoss, noted, 'Prediction markets could rival or exceed traditional capital markets. Acting Chairman Pham recognizes this potential and its significance. Unlike her predecessor, she has fostered a CFTC that is pro-business and pro-innovation, enabling America to excel in these emerging markets.' The press release also indicated that Gemini Titan might expand its derivatives offerings to include crypto futures, options, and perpetual contracts, which are commonly traded in Asia but have faced regulatory restrictions in the United States. Prediction markets are gaining traction in Washington as Acting Chair Caroline Pham, appointed under Trump’s second term, has adopted a more favorable stance towards the sector. In October, it was reported that Trump Media and Technology Group plans to launch a prediction market on Truth Social through a partnership with Crypto.com, introducing a feature called Truth Predict to allow users to trade contracts on elections, inflation trends, commodity prices, and sports events. Crypto.com CEO Kris Marszalek stated that the industry has the potential to evolve into a 'multi-deca-billion-dollar' marketplace.