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CFTC warns sports event-contract platforms of state enforcement risks

Regulation

The Commodity Futures Trading Commission issued a staff advisory warning sports event-contract platforms to plan for possible state litigation and enforcement, according to the note. The CFTC said it had not determined whether sports contracts fall under activities prohibited by the Commodity Exchange Act; senators requested a response by 23 October.

Platforms may need contingency plans if state actions or litigation end sports event-contract positions.

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US House subcommittee holds hearing on sports event contract integrity

A US House Agriculture subcommittee convened a hearing on Tuesday on market integrity for sports derivative contracts. It was the first such hearing since members of Congress introduced more than a dozen proposed bills seeking guardrails on the sector. Representatives of the American Gaming Association and the Indian Gaming Association testified that states and tribal nations are losing millions in revenue to prediction markets.

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