The Commodity Futures Trading Commission is teeing up two new prediction market-related rules that could impact litigation over the agency’s jurisdiction over sports-related event contracts.
The CFTC sent the pair of rules, one of which would go into effect immediately, to the White House’s Office of Management and Budget earlier this week for review.
One rule, marked as “interim final,” would amend the definition of a swap to exclude casino-style gambling products. That rule would go into effect as soon as it’s published in the Federal Register, an infrequently-used move that typically requires an agency to show good cause. Agencies typically still take comment on such measures.
