Insights < BACK TO ALL INSIGHTS
Finance Posts
CFTC Opens the Door for Passive Software Providers in Derivatives Markets
Sep 28, 2026
CFTC Opens the Door for Passive Software Providers in Derivatives Markets
In a new no-action letter, the Commodity Futures Trading Commission (“CFTC”) recently opened the door for software developers building software to facilitate trading in derivatives and futures. The CFTC’s Market Participants Division (“MPD”) issued a no-action position providing that it would not recommend bringing an enforcement action against a “passive software provider,” or “PSP”, for…
Trust the Future You Trade: Lessons About Prediction Market Surveillance from the DACOM Summit
Sep 23, 2026
Trust the Future You Trade: Lessons About Prediction Market Surveillance from the DACOM Summit
Prediction markets are no longer a niche offering confined to a small corner of the internet. The rapid growth of prediction markets has launched them into the mainstream as a meaningful part of the financial ecosystem. But with that growth comes many of the same market integrity and compliance challenges that more traditional financial markets…
High Wire Act
Sep 22, 2026
High Wire Act
The federal statute known as the Wire Act (18 U.S.C. § 1084) has had a tumultuous history. For many years, the DOJ interpreted it to include restrictions on both sporting events and non-sporting contests. That changed dramatically in 2011, when the Office of Legal Counsel (“OLC”), responding to states seeking clarification before establishing state lotteries,…
In the Market for Judicial Review: Circuit Split on CFTC Preemption Makes SCOTUS a Predictable Destination
Sep 1, 2026
In the Market for Judicial Review: Circuit Split on CFTC Preemption Makes SCOTUS a Predictable Destination
The ongoing legal battle over whether the federal Commodity Futures Trading Commission (“CFTC”) or state regulators have the authority to regulate sports-related prediction markets is heating up. Last week, the U.S. Court of Appeals for the Ninth Circuit turned away a challenge by Kalshi, the largest prediction market in the United States, to the Nevada…
A Ticket to Win: Are Travel Points a Thing of Value?
Aug 21, 2026
A Ticket to Win: Are Travel Points a Thing of Value?
With the end of summer drawing near, many American families may be hoping to book a last-minute getaway. Some of those travelers may be hoping to take advantage of credit card points to book their trips on the cheap. Credit card points have become a ubiquitous part of American capitalism – particularly those offered by…
Advertising Prediction Markets? The CFTC Just Sent a Clear Message to Affiliates.
Aug 17, 2026
Advertising Prediction Markets? The CFTC Just Sent a Clear Message to Affiliates.
The Commodity Futures Trading Commission (CFTC) recently issued guidance directed to designated contract markets (DCMs) concerning the marketing and offering of event contracts. The guidance was addressed to DCMs because no swap execution facilities (SEFs) currently list event contracts. However, the CFTC’s analysis is equally applicable to futures commission merchants (FCMs) and introducing brokers (IBs),…
CFTC Sends Message to Prediction Markets: You Are Not a Sportsbook
Aug 11, 2026
CFTC Sends Message to Prediction Markets: You Are Not a Sportsbook
In recent guidance, the Commodity Futures Trading Commission (“CFTC”) has made clear that event contracts offered by regulated prediction-market entities must not be marketed in a format commonly used by casino gambling bookmakers. The CFTC’s Division of Market Oversight and Market Participants Division issued a notice to all CFTC-regulated entities and affiliates regarding their obligations…
Lessons from the Restructuring of an Online Sports Betting Company
Jun 12, 2026
Lessons from the Restructuring of an Online Sports Betting Company
The U.S. has seen numerous casino bankruptcies, including, most recently, Maverick Gaming in July 2025. What it has not seen, until now, is the bankruptcy of an online sportsbook. Previously, when companies exited a state, they cut deals with as many creditors as possible and just left the state (or the United States). Examples of…
CFTC Predicting Litigation Success over Multiple States
Jun 8, 2026
CFTC Predicting Litigation Success over Multiple States
Through recent litigation actions, the Commodity Futures Trading Commission (“CFTC”) continues to stake out an aggressive position in the fight over who has the authority to regulate prediction markets. On May 18, 2026, Minnesota Gov. Tim Walz signed into law SF 4760, an omnibus public safety bill that made it a felony to operate or…
Cold Water on Insider Trading Fears: Prediction Markets Miss the 2026 NFL Draft
Apr 29, 2026
Cold Water on Insider Trading Fears: Prediction Markets Miss the 2026 NFL Draft
From April 23 to April 25, the National Football League (“NFL”) held its annual player selection draft. Over 800,000 fans gathered in Pittsburgh, Pennsylvania to watch Commissioner Roger Goodell announce the picks live, with millions more watching on TV and other digital platforms.[1] But the NFL Draft is not just a spectator event—both traditional sportsbooks…
