Wednesday, November 28, 2012

The Government forces Intrade to close their service to U.S. Cusomers

Today, Americans were told that they must close their accounts. That happened because the federal government agency known as the "Commodity Futures Trading Commission" (CFTC) today sued the prediction market, where people from all over the world bet about things like who will win elections. 
Intrade decided all its U.S. customers must now close their accounts and withdraw their money from the site.
As to the specific violations that Intrade had supposedly violated:
"Section 4c(b) and 9(a)(3) of the [Commodity Exchange] Act, §§6c(b) and 13(a)(3) (2006); Section 2(e) of the Act, as amended by the Dodd-Frank Act, to be codified at 7 U.S.C. § 2(e); and Regulation 32, as amended, to be codified at 17 C.F.R. § 32 (2011);"
Read the rest HERE.

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1 comment:

Paul said...

And so, the Iron Curtain sensorship begins.