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CFTC forms task force on prediction markets and emerging technology

Regulation

The CFTC announced the formation of an Innovation Task Force to address oversight of emerging financial technology, including prediction markets in the US. Chairman Michael S. Selig said the task force would work with the Innovation Advisory Committee and other agencies, including the SEC; the commission has not set a timeline for recommendations.

The initiative may shape future regulatory guidance for companies operating in prediction markets and related financial technology.

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Regulation

CFTC orders exchanges to end US geofencing within 30 days

The Commodity Futures Trading Commission ordered designated contract markets to end US geofencing that conflicts with impartial-access requirements within 30 days, or explain why they cannot comply. The order puts exchanges offering sports-event contracts at odds with court orders restricting Kalshi in several states and on tribal lands. Chairman Michael S. Selig said derivatives markets must operate nationally.

Within 30 days, designated contract markets must end geofencing restrictions in the U.S. that violate “impartial access requirements,” or give reasons they cannot comply, the CFTC has ordered. CFTC Chairman Michael S. Selig said in a statement that derivatives markets "must operate on a uniform basis at a national scale" to serve the purposes of the Commodity Exchange Act.

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