Judge Calls CFTC’s Swap Rules ‘Inherently Contradictory’ as Novig Loses Bid to Block New York
By Unchained
AI summary of the source article
A federal judge rejected Novig’s bid for a preliminary injunction against New York regulators, concluding the sports prediction exchange's contracts are not swaps under the Commodity Exchange Act. The decision permits New York to require state gambling licensing.
Key facts
- U.S. District Judge Colleen McMahon ruled Novig's sports prediction contracts are not swaps under the Commodity Exchange Act.
- The decision allows New York to require Novig to obtain a state gambling license or stop listing the contracts.
- Judge McMahon criticized the CFTC's recent October rules regarding sports betting and event contracts as 'inherently contradictory'.
Source excerpt · Unchained
Judge Colleen McMahon refused to defer to the CFTC, whose October rules she called irreconcilable, and found at the preliminary-injunction stage that New York can require a state gambling license for Novig's sports event contracts. The post Judge Calls CFTC’s Swap Rules ‘Inherently Contradictory’ as Novig Loses Bid to Block New York appeared first on Unchained .