DEX in the City: Why the Prediction Market Bans Could Just Be Beginning
Episode publishedPodcast: UnchainedUnchained
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I'm your host, Vee Lee. I'm here with my cohost, Jesse Brooks. And joining us today is Ryan Miller, a partner at Morrison and Forrester. And Ryan, why don't you give us just like a minute of your background, and then we can kind of jump right to it.
Sure. Thanks, Vee. Thanks, Jesse. Happy to be on the podcast. So I'm in New York at MOFO in our financial services group, and my practice is largely trading and markets. And so I've worked with over the years exchanges, brokers, traders, hedge funds, banks, anyone trading anything, whether it's crypto, prediction markets, commodities and derivatives securities. Years ago, I worked at the CFTC, which some people find interesting. I was on the staff there during Dodd Frank and also was chairman or was counsel to the chairman at the time, Gary Gensler. Went to Sullivan and Cromwell in New York fo
You know, whenever anyone has a CFTC question, you're one of the top people we call. You and Catherine, essentially. So since Catherine came today, we thought, who else should come on?
I know. You're my go to also on all things CFTC. And and so that actually is one of the reasons we wanted to have you on today because it feels like there's just so there's been so much coming out of the CFTC last few weeks. Like, I really have not been able to keep up. Things like, you know, they're they're moving, like, ahead on perks and prediction markets and all this stuff. So I thought you could, start out by just kind of giving us, like, a rundown of everything that's been happening.
Yeah. Let let's jump into what the CFTC has been doing. And just to frame it up for your audience, The CFTC had a new chairman confirmed by the Senate. I don't know if I'm I don't remember if it was late last year or early this year, but Michael Selleck, and he's he's now the chairman. Historically, the CFTC would have a chairman and several commissioners. Right now, they have no other commissioners. None have been nominated, so it's just the chairman. He's there, and he's running the agency. And he's really put out a relatively aggressive agenda in terms of wanting to get a lot done and wanti
Can I just double click on something you said? We actually have talked about this advisory committee before, and the makeup of it because there are a lot of great people, but very few women, which is something that we noticed early on. But, you know, you you you can tell from the way you're talking about it and also you mentioned it that the agenda is essentially like a mile wide. Right? Crypto is part of it. There's DeFi registration prediction markets, you know, all the things you
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