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Kalshi CEO says CFTC oversight governs its sports event contracts

Regulation

Kalshi chief executive Tarek Mansour said the company will continue offering sports event contracts unless the Commodity Futures Trading Commission tells it to stop. His comments followed cease-and-desist letters from regulators in Illinois, Montana, Nevada, New Jersey and Ohio; Kalshi has sued Nevada and New Jersey over their orders. Mansour argued that federal oversight takes precedence over state gaming authority.

The dispute centres on whether federal oversight or state gaming rules govern Kalshi’s sports event contracts.

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Regulation

CFTC proposes swap classification for sports and political event contracts

The CFTC proposed rule changes on 9 October to classify sports, political, cultural and weather event contracts as swaps under US federal law. The proposal would explicitly include these contracts in the agency’s rules.

The Commodity Futures Trading Commission (CFTC) has proposed amending its rules so that event contracts based on sports, politics, culture and weather are explicitly included in the definition of a swap under federal law. The proposal was announced on 9 October, according to the regulator, and a public consultation has been opened before the agency decides whether to adopt the change.

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