[U.S. CFTC Overturns Biden Administration's 'Event Contract' Rule Proposal, Easing Restrictions on Prediction Markets] According to a report by Golden Finance, Mike Selig, Chairman of the U.S. Commodity Futures Trading Commission (CFTC), officially withdrew the 2024 'event contract' rule proposal today. The proposal had aimed to prohibit prediction market contracts based on political event outcomes. Selig stated that the proposal was a 'spur-of-the-moment' initiative by the previous administration before the 2024 election and constituted improper 'value-based regulation.' The new regulations will be formulated based on a rational interpretation of the Commodity Exchange Act to promote responsible innovation. Additionally, a consultation document released last September was also withdrawn, as Selig noted it had unintentionally caused confusion among market participants. The Trump administration's clear support for the industry has attracted more institutions, including Coinbase and Cboe, to plan their entry into the prediction market sector. With the advancement of Congress's crypto market structure bill, the CFTC is expected to become the core regulatory body for digital assets and is likely to gain explicit regulatory authority over non-securities crypto spot markets.