The idea of using markets to capture the wisdom of the crowd dates back centuries. And at the cftc, prediction markets have long been a part of the Commission's work. In 1988, the agency first provided registration relief to Iowa Electronic Markets for their innovative political prediction market. Think about that, 1988. But as with all derivatives products, the landscape has changed a lot in the last 40 years, and I suspect it's going to change a lot in the next few years to come. (00:23–00:32)
CLAIM
Asserts that the CFTC provided registration relief to Iowa Electronic Markets in 1988.
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