ProphetX Strengthens Leadership with New Legal and Compliance Appointments

In a strategic move, ProphetX, known as America’s top sports prediction market, has enhanced its legal and compliance team with the recent appointments of Bruce Fekrat as Chief Legal Officer and Gabriel Wong as Chief Compliance and Risk Officer. This dual hire marks an important development phase for the company as it seeks to solidify its regulatory standing with the U.S. Commodity Futures Trading Commission (CFTC).

CEO Dean Sisun expressed enthusiasm regarding the appointments, emphasizing the significant expertise both executives bring at a crucial juncture for ProphetX’s ambitions. "Bruce and Gabriel are precisely the right individuals to push forward ProphetX’s mission of becoming the first federally regulated exchange rooted in sports," he stated.

Expansion of Regulatory Framework

ProphetX previously submitted applications to the CFTC in November 2025, aiming to be recognized as both a Designated Contract Market (DCM) and a Derivatives Clearing Organization (DCO). These applications are pivotal as they lay the groundwork for the world's first officially regulated sports-native exchange, built to cater to event-driven markets. Last week, the company also contributed comments to the CFTC's ongoing efforts to develop a robust and clear federal regulatory framework for sports event contracts and associated prediction markets.

The company's position is particularly notable, advocating for the use of the CFTC’s statutory powers under Section 4(c) of the Commodity Exchange Act (CEA). This legal provision could allow for a conditions-based framework that would permit the listing of sports event contracts free from conflicting state gaming laws, marking a significant progressive step in the regulation of sports betting and prediction markets.

Profiles of Leadership Appointees

Bruce Fekrat - Chief Legal Officer
Bruce Fekrat joins ProphetX with an impressive background in derivatives law, financial regulation, and policy. His experience includes serving as Chief Counsel to CFTC Commissioner Kristin Johnson, during which he led teams to formulate key Dodd-Frank Act rules. Fekrat previously worked at WilmerHale, representing various exchanges and clearinghouses in regulatory matters, and has seen significant career progression at CME Group, where he acted as Executive Director and Associate General Counsel. He’s a summa cum laude graduate from the University of Maryland and obtained his J.D. and LL.M. in Securities and Financial Regulation from Georgetown University.

Gabriel Wong - Chief Compliance and Risk Officer
Gabriel Wong brings extensive institutional risk management expertise, having held pivotal roles including Vice President of Risk Management at Crypto.com, where he oversaw risk strategies for a major digital asset platform. His decade-long tenure at Intercontinental Exchange (ICE) saw him rise to Senior Director of Risk Management. Wong holds a B.S. from California State Polytechnic University, Pomona, alongside an MBA from California State University, Fullerton and a Master of Science in Finance from the Illinois Institute of Technology.

A Vision for the Future

With this reinforced leadership structure in place, ProphetX is poised to navigate the complexities of the regulatory landscape effectively while pushing towards its goal of becoming a trusted marketplace for sports prediction. The company’s ambition resonates with a vision to offer reliable platforms for participants to engage in event outcomes, potentially redefining the industry standards for sports betting and predictions.

As ProphetX continues its growth trajectory, the focus on robust legal and compliance practices highlights its commitment to innovation within a governing framework, ensuring it meets the evolving needs of its users while adhering strictly to regulatory requirements.

In summary, the appointments of Bruce Fekrat and Gabriel Wong signal a significant commitment by ProphetX to align its operations with regulatory expectations while innovatively shaping the landscape of sports prediction markets in the U.S.