CFTC Writes Prediction Markets Into Swap Rules and Carves Sportsbooks Out
Photo: Unchained
The Commodity Futures Trading Commission moved its jurisdiction fight with the states over prediction markets from the courtroom into the rulebook on Oct. 9. The agency proposed adding event contracts to its regulatory definition of a swap , and in a companion interim final rule carved casino-style gambling out of that same definition. The proposal would insert a new paragraph into the agency’s swap definition at 17 CFR 1.3 covering event contracts “including those based on sports, politics, cultural, and weather-related events,” according to the CFTC.
Source: Unchained
