Cadwalader partner Peter Malyshev spoke with Bloomberg about cryptocurrency exchange Crypto.com inviting its U.S. users to "trade their own prediction" on sports events, including who would win the Super Bowl.
By adding markets for "yes" or "no" positions on the outcome of the NFL playoffs and college football bowl games, these swaps contracts appear to look and function like online sports betting, a characterization Crypto.com disputes.
While such hypothetical uses for sports swaps do exist, they are rare. "How many hot dog vendors will be buying and selling futures?" asked Peter.
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