Gemini wins CFTC clearinghouse approval as it deepens prediction market push
Gemini Space Station won approval from the US Commodity Futures Trading Commission to operate its own regulated derivatives clearinghouse, CNBC reported, giving the crypto exchange a deeper foothold in prediction markets and a possible path toward perpetual futures trading. The approval allows Gemini to clear and settle trades in house instead of relying on outside infrastructure, giving the company more control over how its prediction market products operate and scale. Gemini shares surged nearly 8% by Thursday midday following the news. Cameron Winklevoss, Geminis cofounder and president, told CNBC that owning and operating the marketplace end to end is powerful given the opportunity in prediction markets and future crypto derivatives. He said the structure would let Gemini move faster, improve the customer experience, and respond more quickly to changing market conditions. The approval comes as crypto exchanges increasingly push into event contracts, derivatives, and prediction markets to reduce their dependence on spot crypto trading, which tends to rise and fall with broader market sentiment. Gemini launched event contracts in December after CFTC approval and intends to expand its derivatives offering beyond prediction markets. The strategy also lands in the middle of a widening regulatory fight. New York Attorney General Letitia James recently sued Gemini