Unchained DEX in the City: Why the Prediction Market Bans Could Just Be Beginning
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Apr 3, 2026 Ryne Miller, former FTX general counsel and Partner at Morrison & Foerster, brings CFTC know-how. He breaks down the agency’s aggressive push on crypto, AI, and prediction markets. Short takes cover shifting rulemaking, staffing limits, rising bans on prediction-market participation by officials, and permissioned versus public chain tradeoffs.
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CFTC Is Moving Toward Proactive Crypto Rulemaking
- The CFTC under Chair Mike Selig is shifting from enforcement-first to proactive rulemaking on digital assets, AI, and prediction markets.
- Ryne Miller highlights joint token taxonomy guidance with the SEC and a new innovation task force as signals of an aggressive regulatory agenda.
Token Taxonomy Gave Institutions Legal Clarity
- The joint CFTC-SEC interpretive guidance clarifies that most major tokens are treated as commodities, reducing legal uncertainty.
- That clarity is intended to unlock participation from traditional financial firms previously hesitant to build crypto products.
Engage Regulators Early And Educate Them
- Expect the CFTC to need more staff and budget to execute a broad agenda; engagement with the agency is welcomed and useful.
- Ryne Miller advises industry to brief the CFTC proactively because the agency asks for briefings and is open to learning about on-chain markets.