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Its failure also leaves unresolved disputes over prediction markets and state and tribal gaming authorities, outside a comprehensive congressional framework. Those issues took on new significance during Senate floor debate over the bill, as concerns about federal commodities oversight extended to markets typically regulated at the state or tribal level. 

The latest filing is an early step in filling some of that regulatory gap for the CFTC. The agency can issue regulations under its current statutory authority, but those regulations would not necessarily be as permanent as legislation passed by Congress. 

For now, the important news is that the CFTC has officially started the administrative process. Only once the rulemaking progresses and the underlying proposal is available for public review will the extent of its eventual crypto framework become clear.

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“The initiative demonstrates that cooperation does not have to remain at the level of conference and policy discussion,” he said.

“It has to translate into practical action, educating players, engaging communities, protecting young people and highlighting the dangers of illegal and unlicensed gambling.”

Kyle has been with Clarion since December 2023, joining from the world of sports journalism, subsequently becoming a LatAm-facing senior reporter with iGB.