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CFTC Opens the Door for Passive Software Providers in Derivatives Markets
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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…
Presentation Recap: Jackpot! How D.C. Can Successfully Introduce Legalized Sports Betting and Navigate the Changing Regulatory Landscape
January 13, 2020
Presentation Recap: Jackpot! How D.C. Can Successfully Introduce Legalized Sports Betting and Navigate the Changing Regulatory Landscape
By: Jeffrey Hamlin
On January 9th, the DC Bar Association hosted a presentation by Ifrah Law entitled Jackpot! How D.C. Can Successfully Introduce Legalized Sports Betting and Navigate the Regulatory Landscape. For an hour and forty-five minutes a four-person panel discussed the District of Columbia’s legalization and regulation of sports betting in the wake of Murphy v. Nat’l Collegiate Athletic Ass’n. Ifrah Law’s Founding Member and online-gaming expert…
Advancing the Ball, Take Two: Google Opens Online Gaming Advertising in Four States
December 16, 2019
Advancing the Ball, Take Two: Google Opens Online Gaming Advertising in Four States
By: Nicole Kardell
Google will revise its advertising policies to allow ads for online casinos in several states where online gaming is legal and regulated. Notice of the change is posted on Google’s support forum which states that the revision will happen this month: “In December 2019, Google will update the Gambling and games policy to allow state-licensed entities to promote online casinos in Delaware, Nevada, New Jersey,…
Michigan Sets the Stage for Legal Sports Betting
December 10, 2019
Michigan Sets the Stage for Legal Sports Betting
By: Ifrah Law
Michigan is looking to go into 2020 with the prospect of sports betting and online gaming looming large. The Great Lakes State’s legislators reached a breakthrough this week with Governor Whitmer on online gaming and sports betting. While a few issues remain to be ironed out, it appears that Michigan will enter the new year with the two new bills freshly inked. Michigan is in…
Why is Player Betting a Cardinal Sin?
December 2, 2019
Why is Player Betting a Cardinal Sin?
By: James Trusty
Arizona Cardinal cornerback Josh Shaw has been suspended indefinitely by the NFL for violating the league’s blanket prohibition against betting on all things NFL. Shaw, who will miss at least the full 2020 season, had been on injured reserve since late August and had not played a down this year. The silver lining for Shaw’s grey cloud is that he joins the ranks of Paul…
Legal Sports Betting Arrives in The Centennial State
November 7, 2019
Legal Sports Betting Arrives in The Centennial State
By: Ifrah Law
Yesterday, Colorado voters narrowly approved a sports betting referendum, establishing Colorado as a sports betting leader in the Mountain West. The referendum was a long time coming, with the bill allowing the referendum to go forward having been passed last May. Signed by Governor Polis on May 29, House Bill 1327 placed a referendum on November’s ballot that would legalize sports betting at three existing…
