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Sleeper sues CFTC over intervention in futures merchant application

Regulation

Sleeper sued the US Commodity Futures Trading Commission in federal court in Washington, DC, alleging that the agency unlawfully intervened in its futures commission merchant application. The company claims the National Futures Association had completed its review and expected approval, but the CFTC directed it not to approve the application and sought to review it itself.

The suit disputes the CFTC’s intervention in Sleeper’s application and could affect how such applications are reviewed.

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New York judge rejects Novig injunction as Kalshi faces possible CFTC charges

A New York federal judge denied Novig’s request to block state gambling enforcement, ruling on 10 November that its sports event contracts are not swaps under federal law. Separately, the CFTC has privately warned Kalshi of possible enforcement over contract filings, while the company said the issue concerned submissions for a handful of contracts and that it was addressing it.

Novig failed to secure a preliminary injunction against New York gambling enforcement, as U.S. District Judge Colleen McMahon denied its request. Separately, Kalshi has received a private warning from the CFTC about potential imminent charges relating to notification of new contracts, according to reports from Politico and Reuters.

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