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CFTC Withdraws Specialized Guidance On Cryptocurrency Derivatives
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March 31, 2025
CFTC Withdraws Specialized Guidance On Cryptocurrency Derivatives
By: Jake Gray
In step with the Securities and Exchange Commission’s (“SEC”) transformation from cryptocurrency adversary to ally, the Commodity Futures Trading Commission (“CFTC”) is now following its sister agency’s lead. By withdrawing its specialized guidance on digital currency derivatives, the CFTC signals a more accommodating regulatory approach that recognizes the growing maturity and mainstream acceptance of digital asset markets. As of March 28, 2025, both CFTC Staff Advisory No. 18-14 and the subsequent 2023 guidance, CFTC Staff Advisory No. 23-07 have been officially withdrawn, marking a clear departure from the agency’s previous cautionary stance.[1][2] What’s In the Advisories The CFTC’s first digital asset advisory, Letter No. 18-14, came in 2018 when digital asset derivatives products and their underlying spot markets were new,…
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Sweepstakes Issues Draw Focus at Next.io Summit
March 27, 2025
Sweepstakes Issues Draw Focus at Next.io Summit
By: Jordan Briggs
Social casinos were one of the many hot topics at the Next.io summit in New York March 12-13, so much so that they got their own well-attended summit on March 11. Generally, there are three types of online social casinos: social casinos with no option to purchase any plays; social casinos with the option to purchase plays and the only thing a user can win…
YouTube Fills Federal Policing Void on Gambling
March 17, 2025
YouTube Fills Federal Policing Void on Gambling
By: Sara Dalsheim
The ultimate inhibitor of the regulated gambling industry is the illegal ever-present offshore market. The regulated industry has been consistently asking for assistance from law enforcement to assist them in stamping out the illegal market – that, unlike the regulated industry, is not required to abide by any of the mechanisms that protect consumers. The federal government has failed to answer the call, so the…
CFTC “Special Rule” Interpretation Led to an October Surprise
October 23, 2024
CFTC “Special Rule” Interpretation Led to an October Surprise
By: Robert Ward
On October 2, 2024, the Court of Appeals for the District of Columbia Circuit issued a decision that permitted KalshiEx LLC (“Kalshi”) to legally offer election contracts, which allow buyers to put down money based on their predictions as to party control of Congress and presidential election results.[1] This decision, and the district court decision that the Commodity Futures Trading Commission (“CFTC”) sought to stay,…
SAFEly symbolic?
October 14, 2024
SAFEly symbolic?
By: Sara Dalsheim
Last month two U.S. lawmakers, Rep. Paul Tonko D-N.Y. and Sen. Richard Blumenthal, D-Conn., introduced the Supporting Affordability and Fairness with Every Bet Act (i.e., the SAFE Bet Act).[1] The Act sought to implement federal minimum standards for all sports betting operators throughout the United States. The lawmakers seemingly put forth the bill because of concerns that citizens are being subject to too many sports…
When Sports Bettors Win, So Does the IRS
October 7, 2024
When Sports Bettors Win, So Does the IRS
By: George Calhoun
Sports betting and adjacent industries have exploded in the United States. One area that continues to cause confusion is the taxation of these businesses – both for the companies and the individual players. For individual bettors, the IRS has clear rules on gambling income that predate the recent explosion of the sports betting industry. In short, the proceeds from a successful sports wager are taxable…
Illinois Expanding Regulations over Gaming Ads
October 2, 2024
Illinois Expanding Regulations over Gaming Ads
By: Jordan Briggs
The Illinois Gaming Board (“IGB”) adopted a new proposed uniform advertising regulation for sports wagering, casino gambling, and video gaming operators at its September meeting. Sports wagering is already subject to certain advertising and marketing restrictions, captured in “Rule 340.”[1] IGB proposed amendments to strengthen Rule 340 for sports wagering, and, for the first time, proposed to extend Rule 340 to casino gambling and video…
Maryland Regulators Pick Away at Latest Fantasy Offerings
September 6, 2024
Maryland Regulators Pick Away at Latest Fantasy Offerings
By: Robert Ward
On August 29, just as football fans were gearing up for the 2024-2025 NFL season, the Maryland State Lottery and Gaming Control Agency issued a new round of proposed regulations for both sports betting and daily fantasy sports. The proposed sports betting regulations address a wide range of topics, from geolocation and multifactor authentication to wind-down procedures for sportsbooks.[1] The proposed daily fantasy sports regulations,…
