CFTC Proposes Rules to Say Prediction Markets Are Not Gambling
By PYMNTS
AI summary of the source article
The Commodity Futures Trading Commission has submitted two proposed rules to the White House to classify prediction market event contracts as regulated swaps rather than gambling. The move follows pushback from states and a recent federal court decision that subjected certain event contracts to state gambling laws. The CFTC is also proposing an interim final rule to exclude casino-style gambling products from the definition of a swap.