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CFTC files amicus brief backing prediction platforms in Nevada appeal, arguing event contracts are swaps that preempt state gambling laws, JD Supra reports
- CFTC files amicus brief backing prediction platforms in Nevada appeal, arguing event contracts are swaps that preempt state gambling laws, JD Supra reports — A Vinson and Elkins analysis published on JD Supra says the CFTC filed an amicus brief in North American Derivatives Exchange v. Nevada in the Ninth Circuit, arguing sports event contracts traded on CFTC-registered markets are swaps under the Commodity Exchange Act and that state gambling laws are preempted. Federal district courts are divided on the question, with related appeals pending in the Third, Fourth, Sixth and Ninth Circuits. (JD Supra)
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