The U.S. Commodity Futures Trading Commission (CFTC) issued a notice of proposed rulemaking to further define the term "swap," explicitly including event contracts based on sports, political, cultural, and weather-related events. CFTC Chairman Michael Selig stated that such products are commodity derivatives under the Commodity Exchange Act and fall under the CFTC's exclusive jurisdiction. The proposal will be open for public comment for 30 days. On the same day, the CFTC also issued an interim final rule clarifying that casino-type gaming products such as sports betting and casino games are not swaps.
PANews October 10 news: According to an official CFTC announcement, the U.S. Commodity Futures Trading Commission (CFTC) issued a notice of proposed rulemaking to further define the term "swap," explicitly including event contracts based on sports, political, cultural, and weather-related events. CFTC Chairman Michael Selig stated that such products are commodity derivatives under the Commodity Exchange Act and fall under the CFTC's exclusive jurisdiction. The proposal will be open for public comment for 30 days. On the same day, the CFTC also issued an interim final rule clarifying that casino-type gambling products such as sports betting and casino games are not swaps.