The White House is reviewing a new US Commodity Futures Trading Commission proposal that would lay out guidelines for event contracts, the agency’s latest move to mark its turf as it battles with states over who gets to regulate the exploding prediction markets.
The plan is under review by the Office of Management and Budget, according to a notice posted on a US government website. The notice includes no details about what’s in the proposal, which would be subject to public comment.
A CFTC spokesperson wouldn’t elaborate on the contents, adding the agency “will have more to say once that process is complete.”
Any plan is expected to build off feedback received this spring after the agency issued a document that asked the public to answer numerous questions about regulating the space, including how to handle insider trading and whether to prohibit certain types of event contracts. The agency received more than 3,000 responses.
Online platforms like Kalshi and Polymarket allow users to place yes-or-no trades on the outcomes of future events on a wide variety of topics, from who will win the French Open to whether President Donald Trump will get impeached this term. Questions such as those tied to impending military action and barely disguised wagers on assassinations have drawn objections, and there has been concern bettors might try to influence outcomes of events to make their wagers pay off.
Spotify, Netflix woo podcaster Shetty from YouTube
Jay Shetty, a popular self-help podcaster, has signed a deal to bring the video version of his show exclusively to Spotify Technology SA and Netflix Inc., in a major coup for both companies’ efforts to unseat YouTube as the top platform for video podcasts.
The arrangement is worth as much as $100 million over multiple years, according to people familiar with the matter. That puts him in a rare stratosphere of hosts that includes Joe Rogan and Alex Cooper.
Netflix and Spotify declined to comment on the size of the deal, although they confirmed the agreement. Shetty’s show, called On Purpose, will move to those services on July 13. As part of the arrangement, Spotify will sell ads on the podcast. Older episodes and clips promoting new ones will still appear on YouTube and other platforms. Shetty previously partnered with iHeartMedia Inc. for ad sales and didn’t distribute his video episodes to Spotify.
BP’s ousted chair says he was fired without explanation
Former BP Plc Chairman Albert Manifold says he was fired without warning or explanation and will challenge the company’s version of events, deepening the turmoil around the UK oil major’s latest leadership change.
BP ousted Manifold on Tuesday after eight months on the job, citing serious concerns related to “governance standards, oversight and conduct.” The company didn’t provide further details in its statement, but people close to BP who requested anonymity said there had been complaints about aggressive behavior by Manifold toward employees, as well as of mishandling sensitive information and seeking to bypass the board.
“I was removed without warning and without explanation,” Manifold said in an emailed statement. “I dispute entirely the characterization of my conduct and I will not allow a false narrative to go unchallenged.”
Manifold’s dismissal is the latest in a prolonged period of leadership upheaval at BP, which has included three chief executive officers in as many years, and raises fresh questions about the company’s internal processes at a time when it’s seeking to turn around years of poor performance. Manifold was seen as accelerating BP’s strategic reboot in response to investor pressure.
Compiled from Bloomberg reports.