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CFTC Opens the Door for Passive Software Providers in Derivatives Markets
FEATURED
September 28, 2026
CFTC Opens the Door for Passive Software Providers in Derivatives Markets
By: John Mikuta
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 failing to register as an introducing broker (“IB”) or associated person of an IB under the Commodity Exchange Act (“CEA”).[1] As background, the CEA requires any person who, for compensation or profit, “is engaged in soliciting and in accepting orders” for futures and swaps to register as an IB.[2] Individuals performing that work for an IB must also register themselves as associated persons.[3] The CFTC…
Trust the Future You Trade: Lessons About Prediction Market Surveillance from the DACOM Summit
September 23, 2026
Trust the Future You Trade: Lessons About Prediction Market Surveillance from the DACOM Summit
By: John Mikuta
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 have long encountered. Prediction markets have faced public scrutiny over…
High Wire Act
September 22, 2026
High Wire Act
By: James Trusty
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, published an analysis of the Wire Act. After a thorough…
Next Steps Toward Legalized Online and Retail Sports Betting in Massachusetts
August 1, 2022
Next Steps Toward Legalized Online and Retail Sports Betting in Massachusetts
By: Sara Dalsheim
The road to legalized sports betting in Massachusetts has been slow and lengthy, the lawmakers have spent five sessions on the question of sports betting legalization. Today, the Massachusetts state House and Senate reached an agreement on a bill that would legalize online and retail sports betting on professional and some collegiate contests (H 5164). Sports betting on Massachusetts colleges and universities will only be…
European Union Agrees On Cryptocurrency Regulation, Excludes NFTs (For Now)
July 28, 2022
European Union Agrees On Cryptocurrency Regulation, Excludes NFTs (For Now)
By: Jacob Grubman
European Union policymakers have taken the next step toward enacting a scheme for regulating cryptocurrency and other blockchain-based assets, as the Council of the European Union and the European Parliament provisionally agreed to approve new rules governing Markets in Crypto-Assets (“MiCA”). The new rules would address a range of risks related to cryptocurrencies and related assets—with notable exceptions in decentralized finance (“DeFi”) and non-fungible tokens…
Ifrah Law At NFT.NYC: Insights and Discussions on NFT Gaming
July 19, 2022
Ifrah Law At NFT.NYC: Insights and Discussions on NFT Gaming
By: Jake Gray
In the third year following its inaugural event in 2019, NFT.NYC held its NFT.NYC conference from June 20th to June 23rd, 2022. And Ifrah Law was in attendance, alongside more than 15,000 other attendees in addition to the conference’s 1,500 speakers. Featuring educational programming and informational panels about various NFT-related topics across seven different venues surrounding Times Square, NFT.NYC hosted one and a half days…
Is My Crypto Safe if My Exchange Declares Bankruptcy?
July 14, 2022
Is My Crypto Safe if My Exchange Declares Bankruptcy?
By: Ifrah Law
Celsius Network LLC, one of the largest cryptocurrency lenders in the industry, filed for bankruptcy protection on Wednesday, July 13th. The filing comes just a month after the company halted customer withdrawals, swaps, and transfers “to stabilize liquidity” on account of extreme market conditions caused by a dive in cryptocurrency prices. As such, many crypto-investors find themselves concerned about the safety of their digital assets…
Responsible Financial Innovation Act Proposal To Bolster CFTC Authority Over Crypto-Industry
July 8, 2022
Responsible Financial Innovation Act Proposal To Bolster CFTC Authority Over Crypto-Industry
By: Jake Gray
Bipartisan legislation introduced in the Senate last month would mark the federal government’s first foray into cryptocurrency regulation, and it could be a welcome development as the industry navigates a period of regulatory and commercial uncertainty. On June 7, 2022, Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY) introduced the Responsible Financial Innovation Act (“RFIA”) in the Senate, which aims to establish a comprehensive regulatory…
