Gemini Space Station, Inc. (GEMI) announced that its affiliate, Gemini Titan, LLC (Titan), received a Designated Contract Market (DCM) license from the U.S. Commodity Futures Trading Commission (CFTC). The approval allows Gemini to offer prediction markets, also known as event contracts, to U.S. customers.
BREAKING pic.twitter.com/s4q7QJFu5v
— Gemini (@Gemini) December 10, 2025
Gemini completes five-year licensing process
The announcement caps a lengthy regulatory process that began on March 10, 2020, when Gemini first applied for a DCM license.
“Today’s approval marks the culmination of a 5-year licensing process and the beginning of a new chapter for Gemini," said Tyler Winklevoss, Gemini’s CEO on X.
Winklevoss thanked President Donald Trump and Acting Chairman Caroline Pham for advancing a pro-crypto policy agenda.
“We thank President Trump for ending the Biden Administration’s War on Crypto and Acting Chairman Pham for her hard work and dedication to help realize President Trump’s vision for making America the crypto capital of the world,” he said in the statement. “It's incredibly refreshing and invigorating to have a President and a financial regulator who are pro crypto, pro innovation, and pro America.”
The CFTC license authorizes Gemini Titan to list binary event contracts, described as “simple yes or no questions on future events.” Illustrative examples from Gemini include:
“Will 1 bitcoin end this year higher than $200k?” or “Will Elon Musk’s X end up paying the full $140 million fine to the European Commission in 2026?”
Entering a growing U.S. prediction market sector
The sector has already seen substantial activity in the past year. Kalshi and Polymarket, currently two of the largest regulated players, experienced record volumes during the U.S. election cycle, according to CoinGecko data. Kalshi also won a legal case against the CFTC over political event contracts, a decision that accelerated regulatory acceptance of event-based markets in the U.S.
With Gemini joining the space, competition is intensifying. Gemini Titan’s entry makes it one of the few U.S.-regulated venues available to retail participants. Gemini said trading will start soon on its web platform, using U.S. dollars already held in user accounts. Mobile support will follow.
Cameron Winklevoss, Gemini’s President, emphasized the scale of the opportunity:
“Prediction markets have the potential to be as big or bigger than traditional capital markets. Acting Chairman Pham understands this vision and its importance.” He credited Pham for a leadership style that repositions the CFTC as supportive of innovation. “Unlike her predecessor, Acting Chairman Pham has positioned the CFTC as a pro business, pro innovation regulator that will allow America to lead in these new and exciting markets,” he said.
Regulatory and political backdrop
The approval comes amid significant policy changes under Trump’s second term. Acting Chair Pham has led a series of industry-inclusive initiatives, including the CEO Innovation Council, which recently brought together executives from Kalshi, Polymarket, Nasdaq, CME Group, and Gemini.
Under this framework, the CFTC appears to have shifted from a cautious posture to one of proactive engagement with the crypto and derivatives sectors. Under Pham, the Commission reversed several restrictive measures applied to prediction platforms in earlier years.
The Commission's decision to give Gemini Titan a DCM license comes after it opened up the market to more participants, which shows that event-based financial products are becoming more institutionalized.
Gemini’s future ambitions
Gemini Titan aims to expand beyond prediction markets. The firm intends to explore crypto futures, options, and perpetual contracts, known as “perps.” These derivatives have seen strong adoption across Asia and Europe, though remain largely unavailable in the U.S. due to regulatory hurdles.
In its statement, Gemini said it views prediction markets as “a new frontier,” combining market-based forecasting with retail accessibility. The exchange described the products as tools that “leverage the wisdom of the crowd and the power of markets to more accurately forecast the future.”
The company added that event contracts help users “prepare for the future by aggregating and disseminating more correct information.” Gemini framed the move as part of its long-term strategy to build a one-stop financial platform that bridges crypto, derivatives, and institutional markets.
Yahoo Finance shows that Gemini’s shares rose 13.7% in after-hours trading following the announcement. The firm’s stock remains down about 70% from its IPO price, but the approval gives it a new regulatory advantage as the market expands.
Gemini’s approval marks a formal U.S. government endorsement of prediction markets as a legitimate financial product class. It follows the growing acceptance of crypto-linked derivatives, and positions Gemini Titan at the intersection of market innovation, regulation, and digital assets.
Oleksii Shumak
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