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Schiff and Curtis introduce bill targeting sports and casino event contracts

Regulation

US Senators Adam Schiff and John Curtis introduced the Prediction Markets Are Gambling Act, which would bar entities registered with the Commodity Futures Trading Commission from listing prediction contracts resembling sports bets or casino games. The senators said the proposal would clarify state authority over sports betting and casino gaming.

The proposal could restrict sports and casino-like contracts on CFTC-registered platforms and clarify state authority.

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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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