⚠️ CFTC official warns smart contract designers over predictive code

Smart contract coders could be held liable if they knowingly use blockchain technology to create functions that are deemed as predictive "event contracts," according to Brian Quintenz, a commissioner at the U.S. Commodity and Futures Trading Commission (CFTC). "In the past, the CFTC has generally prohibited prediction markets as contrary to the public interest," he said. "For example, event contracts based upon war, terrorism, assassination, or other similar incidents may be contrary to the public interest – in which case, the CFTC can prohibit an exchange from offering the contract."