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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…
The Current State of Online Lottery Sales and the Outlook for 2015
December 23, 2014
The Current State of Online Lottery Sales and the Outlook for 2015
By: Ifrah Law
As states continue to search for ways to generate additional revenue, several states have explored the possibility of selling lottery tickets online. Online lottery ticket sales represent an untapped market for state lotteries that could see rapid expansion in the next several years and it also looks to be a hot issue in several state legislatures for 2015. In 2011, an opinion issued by the Department of…
Google Play and the Slow Transition to Mobile for Real Money Gaming
November 18, 2014
Google Play and the Slow Transition to Mobile for Real Money Gaming
By: Ifrah Law
If the past 10 years have taught us anything it’s that the future is not just online, it’s on the go. For countless consumers, mobile and tablet devices are the preferred method of accessing online content. After a slow start, gaming developers have come around to prioritizing mobile platforms. All of this momentum has ground to a halt at the most unlikely of sources: app…
CalvinAyre.com Interviews Jeff Ifrah at G2E 2014 on NJ Sports Betting
October 15, 2014
CalvinAyre.com Interviews Jeff Ifrah at G2E 2014 on NJ Sports Betting
By: Ifrah Law
This year’s G2E Conference in Las Vegas was held at the Sands Expo & Convention Center from September 29th to October 2nd. This premier gaming event is the largest floor show in North America with over 450 vendors and exhibitors, and also features key presentations by leaders in the industry. Firm founder, Jeff Ifrah was in attendance at G2E 2014 as the Moderator for the session titled, “Bad Actors:…
The Push to Legalize NJ Sports Betting- Bloomberg Law Radio Interview with Jeff Ifrah
September 17, 2014
The Push to Legalize NJ Sports Betting- Bloomberg Law Radio Interview with Jeff Ifrah
By: Ifrah Law
Last week, the administration of New Jersey Governor Chris Christie issued a directive to the state’s casinos and racetracks allowing them to offer sports betting. The direction was surprising to many who believed that the governor had yielded to the Supreme Court’s refusal to hear the state’s appeal on the federal sports betting ban. Recently, founding partner of Ifrah Law, Jeff Ifrah took the time to discuss the legal issues…
Rolling the Dice with Casino VIP Lists
September 2, 2014
Rolling the Dice with Casino VIP Lists
By: Michelle Cohen
In the competitive world of land-based casinos, high roller “VIP” players are courted with a host of special perks and privileges. A casino’s proprietary VIP customer list represents one of its most valuable assets, almost akin to the secret formula of Coca-Cola. This is why the Maryland Live! Casino filed suit in federal court in Maryland against Helena Wong. Ms. Wong is a former VIP…
