Attorney Associated with Trump Seeks Approval for Establishment of Prediction Market Platform
In a move that could shake up the prediction market industry, Jeff Ifrah, a prominent lawyer known for representing President Donald Trump in multiple high-profile legal cases, has applied to launch a platform called RSBIX. The application was made to the federal Commodity and Futures Trading Commission (CFTC) for designation as a Designated Contracts Market.
RSBIX is not a new entrant to the market, having been active in the sports events market since 2018. The platform has also secured a partnership with Matchbook for its launch. However, the specific stakeholders who work closely with Jeff Ifrah's RSBIX are currently unknown. What is known is that RSBIX has ties to individuals like Donald Trump Jr., who serves as a strategic advisor on the Kalshi board, another prediction market platform.
There is a notable connection between RSBIX and Kalshi through shared board members. In fact, opinions suggest that Brian Quintenz, a CFTC Commissioner and President Trump's nominee to be the next head of the CFTC, is "influencing the CFTC's lack of oversight" due to his position on the board of prediction market frontrunner Kalshi. Quintenz has released private messages with the President of New York crypto exchange giant Gemini, claiming the exec has blocked his CFTC appointment over a prior beef.
However, Quintenz has been in favor of allowing the CFTC to regulate sports event contracts regarding RSBIX's application. In 2020, RSBIX attempted to self-certify and launch NFL prediction markets through ErisX, a derivatives exchange and clearinghouse, but has since sold this endeavor.
RSBIX boasts a high-profile brand ambassador in Daniel Negranu, a poker great. The RSBIX webpage states that the partnership also includes close collaboration with stakeholders across multiple sectors, but the identity of those stakeholders remains unknown.
Jeff Ifrah, in addition to his work with RSBIX, launched NexusOne Consulting, a government relations firm aimed at helping AI and crypto firms "shape US policy." It is worth noting that President Trump has been a client of Ifrah Law, Ifrah's legal firm, on several occasions.
The launch of RSBIX comes amidst controversy, with Ifrah Law involved in a case that prompted an FBI sting on Mar-a-Lago in Florida on August 8. The future of RSBIX and its regulatory status remains to be seen as it navigates through the regulatory process.
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