By Sara Jerome - 07/15/10 08:01 PM EDT
The MPAA hailed the progress of the bill on Thursday, with the association’s president, Bob Pisano, issuing a “thank you” to Congress.
“Congress has acted decisively to ban proposed trading in box office futures and to make important reforms in the country’s financial regulatory system. We applaud the work the bill’s authors have done, and of course, the many senators and members who supported the provisions to prevent movie futures trading,” he said in a statement.
The issue heated up this year after two companies, Cantor Futures Exchange and Media Derivatives, applied to be designated as contract markets by the Commodity Futures Trading Commission (CFTC). The designation is a regulatory hurdle the companies needed to bridge before they could begin to operate.
When the CFTC approved the exchanges, the movie industry looked to Congress for a ban.