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CFTC moves to define prediction-market event contracts as swaps, excludes casino-style gambling
- CFTC moves to define prediction-market event contracts as swaps, excludes casino-style gambling — The CFTC on October 9 issued an interim final rule excluding casino-style gambling from the definition of a swap and a companion proposal to explicitly classify event contracts tied to sports, politics, culture and weather as swaps. Chairman Selig says the contracts are commodity derivatives within the agency's exclusive jurisdiction; the move comes as the state-federal fight heads toward the Supreme Court. (PYMNTS)
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