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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…
NCAA Announces Groundbreaking Decision to Allow Compensation for College Athletes
October 30, 2019
NCAA Announces Groundbreaking Decision to Allow Compensation for College Athletes
By: Steven Eichorn
Yesterday, the NCAA Board of Governors unanimously voted to allow college athletes to receive some form of compensation.The permitted compensation is limited to “the opportunity to benefit from the use of their name, image, and likeness,” however, athletes will still not be permitted to receive compensation for their actual on-field play. To view the official NCAA Release, Click Here The concession to allow some form…
Google Advances the Ball for Online Gaming in the U.S., With a Boost from Sports Betting
October 23, 2019
Google Advances the Ball for Online Gaming in the U.S., With a Boost from Sports Betting
By: Nicole Kardell
Google is planning to unblock online casino advertisements in the regulated U.S. gambling market in early 2020, according to a . The lift on casino ads in markets where it is legalized and regulated should help the industry get traction, boost revenues, and pave the way for other states to come online. Importantly, it should also help offset the imbalance between (1) nascent legal, regulated…
Ifrah Law: 10 Years in the Online Gaming and Sports Betting Industry
October 17, 2019
Ifrah Law: 10 Years in the Online Gaming and Sports Betting Industry
By: Ifrah Law
As Ifrah Law celebrates its 10th anniversary this year, we are pleased with the recent legal breakthroughs that have the potential to bring online interactive gaming into the U.S. mainstream, where it can create jobs and offer a secure, exciting experience for adults nationwide. For our firm’s founder, Jeff Ifrah, a passion for advancing online gaming was kindled in 1999, when as a member of…
Ifrah Law’s “The Definitive Guide to Online Gaming and Betting in the U.S.” is Available for Download
October 8, 2019
Ifrah Law’s “The Definitive Guide to Online Gaming and Betting in the U.S.” is Available for Download
By: Jeff Ifrah
Complimentary eBook offers a comprehensive overview of the rapidly evolving U.S. online gaming and betting industry. “The Definitive Guide to Online Gaming and Betting in the U.S.” is now available – at no cost – as a downloadable eBook from Ifrah Law, which has been forging the legal framework for the online gaming industry for more than a decade. This concise but comprehensive Guide brings…
Will Legalized Sports Betting Save NFL Television?
September 27, 2019
Will Legalized Sports Betting Save NFL Television?
By: Jeffrey Hamlin
The growth of proposition and in-play sports betting may be just what the NFL needs to sustain a revived interest in televised games. From 2016 to 2018, the NFL experienced a two-year ratings slump when viewership decreased by 17%. Theories abound as to why ratings fell. Some point out that traditional television viewership was (and is) down generally due to younger viewers who are ditching…
