Sorry, Hollywood but Wall Street is way too excited to start betting on whether or not Wall Street 2: Money Never Sleeps will be a hit.
Since the Exchange’s conception, Hollywood studios under the MPAA attempted to squash the project, which it views as a “risky online-wagering service that would be detrimental to the motion picture industry,” MPAA spokesman Howard S. Gantman said in a statement.
The Association’s most recent move to block the Hollywood Exchange is a Democrat-backed bill that will be reviewed by the Senate Agricultural Committee tomorrow.
According to the LA Times, if it passes, the bill will ban the proposals the CFTC just approved.
The Exchange — which will allow anyone to trade on the film industry under Cantor’s proposal — comes at a particularly rough period in Hollywood. Box office tickets and DVDs sales continue to dwindle, which is forcing studios to cut costs and actors to take pay cuts.
Business Insider Emails & Alerts
Site highlights each day to your inbox.