On February 5, FTX announced a futures trading product called TRUMP, based on the re-election of President Donald Trump in 2020. In essence, TRUMP contracts can be worth $ 0 and $ 1.
If Trump is re-elected, all contracts will be worth $ 1, and if not, they will be worth $ 0.
“The initial feedback was extremely positive. People were very excited about the TRUMP contracts ”,
said a representative of FTX.
Currently, there are over 300,000 such active contracts.
The success of TRUMP contracts has led the company to launch similar variants for US Democratic candidates. In the coming days, FTX will launch a futures trading product Bernie Sanders (BERNIE), as well as futures Joe Biden (BIDEN), Elizabeth Warren (WARREN), Pete Buttigieg (PETE) and Mike Bloomberg (BLOOMBERG).
These will work in a similar way to those based on Donald Trump.
The US election system provides that the Democratic Party must select only one candidate to compete with the current president. The primary elections are currently underway to select one of the five Democratic candidates.
That means four of the five Democratic-based FTX futures trading products will be liquidated before the 2020 election.
Who can bet on TRUMP contracts?
Not everyone can bet on the future of US elections. FTX prohibits many regions from trading TRUMP, including Canada, the European Union, the United Kingdom and even the United States – the country that hosts the choices on which these products are based.
The FTX representative explained that the exchange is a precaution.
“Our products are regulated. In many countries, there are different licensing regimes for such contracts. Basically we do not want to violate local law and, unfortunately, we had to restrict the jurisdictions in which we will operate. I think that the more people are interested in the future, the more we will be motivated to offer similar products in more and more places. This actually means obtaining or at least an examination of what licenses would be relevant to such contracts in different jurisdictions. “
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