ErisX, a cryptocurrency exchange that hoped to host trading of futures contracts on National Football League games, has withdrawn its proposal.
Both the Commodity Futures Trading Commission and ErisX announced the withdrawal.
A knowledgeable source told Dow Jones that the CFTC was poised to reject the proposal because it didn’t serve the public interest.
Congress banned financial-market securities tied to gambling in 2010, and the CFTC thought the NFL futures could promote gambling, the source said.
ErisX argued that the the contracts would represent hedging tools for legal sportsbooks, similar to other financial derivatives, Bloomberg reports.
But ErisX didn’t show the ability of its futures to help gambling firms hedge commercial risks, the Dow Jones source said.
ErisX Chief Executive Thomas Chippas told the news service that the exchange planned to resubmit its proposal after talking to businesses that might use the contracts.
In other football news, Another woman has filed a civil lawsuit against Deshaun Watson, alleging sexual harassment and assault, bringing the total number of lawsuits facing the Texans quarterback to 14.
Meanwhile, New Orleans Saints quarterback Jameis Winston shared an emotional response on Tuesday when asked about the impact Drew Brees had on him last season.
Winston, who signed a one-year deal with the Saints last offseason and recently re-signed with the team on another one-year deal, said Brees holds a special place for him.
And Sports Illustrated’s Connor Orr rated the winners and losers of the first phase of the NFL’s free-agency period, with owners a top winner.