The Commodity Futures Trading Commission (CFTC) is reportedly looking into the legality of sports betting event contracts offered by Crypto.com, just weeks before the highly anticipated Super Bowl match. According to Bloomberg, the CFTC is considering launching an investigation into the popular cryptocurrency platform’s sports betting offerings.

This news comes at a time when the cryptocurrency industry is facing increased scrutiny from regulatory bodies. With the recent surge in popularity and value of cryptocurrencies, regulators are taking a closer look at how these digital assets are being used and traded.

The CFTC, which is responsible for regulating the futures and options markets in the United States, is particularly interested in Crypto.com’s sports betting event contracts. These contracts allow users to bet on the outcome of sporting events using cryptocurrency, rather than traditional fiat currency.

While the use of cryptocurrency in sports betting is not new, it has gained more attention in recent years as the popularity of both industries continues to grow. However, the legality of these types of contracts is still a grey area, and the CFTC’s potential investigation could shed more light on the matter.

Crypto.com, a leading cryptocurrency platform, has been expanding its offerings beyond just trading and investing in digital assets. The company has been actively promoting its sports betting event contracts, particularly in the lead up to the Super Bowl, which is one of the biggest sporting events in the world.

As the CFTC considers launching a probe into Crypto.com’s sports betting contracts, the cryptocurrency industry will be closely watching to see how this could impact the future of using digital assets in the world of sports betting. With the growing popularity of both industries, it is crucial for regulators to carefully examine and regulate these types of offerings to ensure the protection of consumers and the integrity of the markets.