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Prediction markets face a circuit split on whether sports contracts are swaps, with the dispute headed toward the Supreme Court, Foley & Lardner reports
- Prediction markets face a circuit split on whether sports contracts are swaps, with the dispute headed toward the Supreme Court, Foley & Lardner reports — Foley & Lardner notes the Third Circuit held sports event contracts likely qualify as swaps under the Commodity Exchange Act, while the Ninth and Sixth Circuits reached the opposite conclusion. The firm also tracks the CFTC shift from its withdrawn 2024 proposal to a June 2026 public interest proposal, with New Jersey's petition in Flaherty v. KalshiEX docketed by the Supreme Court on September 8, 2026. (Foley & Lardner)
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