CFTC proposes a divide between prediction contracts and sportsbook wagers
Photo: CryptoSlate
The Commodity Futures Trading Commission announced two actions on Oct. 9 seeking to clarify the federal regulatory boundary between prediction-market contracts and traditional gambling. It proposed expressly including sports and other event contracts in the definition of a swap, a category of financial derivative, while announcing a separate interim final rule to codify the exclusion of sportsbook and casino wagers. The event-contract proposal covers sports, politics, cultural events and weather-related outcomes. CFTC Chairman Michael S. Selig said these products fall within the agency’s exclusive jurisdiction under the Commodity Exchange Act.
Source: CryptoSlate
