ProphetX secures CFTC approval to launch regulated sports prediction exchange

ProphetX has received approval from the Commodity Futures Trading Commission to operate as a federally regulated sports-focused exchange in the United States. The New York-based company said the regulator approved its applications to register as both a Designated Contract Market (DCM) and a Derivatives Clearing Organization (DCO). Those approvals give the company a path to launch a prediction market platform where users can trade event-based contracts under a federal regulatory structure.