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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…
Extra Caution Required in Mobile Advertising as New Jersey DGE Releases Guidance for Affiliate Marketers
June 9, 2014
Extra Caution Required in Mobile Advertising as New Jersey DGE Releases Guidance for Affiliate Marketers
By: Ifrah Law
Today, the New Jersey Office of the Attorney General, Department of Law and Public Safety, Division of Gaming Enforcement (“DGE”) released additional guidance for affiliate marketing companies working with state online gaming operators. This guidance comes only weeks after the DGE issued warning letters to affiliate marketers who advertised unregulated online gaming websites in conjunction with legal gaming websites licensed by the state of New…
Sprint Gets a Wallop of a Reminder – Company-Specific Do Not Call Lists Still Matter – $7.5 Million Record Do Not Call Consent Decree
May 20, 2014
Sprint Gets a Wallop of a Reminder – Company-Specific Do Not Call Lists Still Matter – $7.5 Million Record Do Not Call Consent Decree
By: Michelle Cohen
Yesterday, the Federal Communications Commission (“FCC”) announced a consent decree with Sprint Corporation for federal do not call violations. Specifically, under the terms of the agreement, Sprint will make a $7.5 million “voluntary contribution” to the United States Treasury. This payment represents the largest do not call settlement reached by the FCC. Sprint also agreed to various ongoing compliance initiatives, including enhanced training and reporting…
TCPA Plaintiff Loses—Express Consent Given to Health Insurance Plan Trumps Claim
May 19, 2014
TCPA Plaintiff Loses—Express Consent Given to Health Insurance Plan Trumps Claim
By: Michelle Cohen
In a recent case in the U.S. District Court for the Eastern District of Missouri, the district court held that the plaintiff’s Telephone Consumer Protection Act (“TCPA”) claim should be dismissed. The court ruled that the plaintiff gave prior express consent when she agreed to the terms of her health insurance plan, which stated that the company could share her number with other businesses who…
New York to Cash In with its Online Poker Bill
May 16, 2014
New York to Cash In with its Online Poker Bill
By: Ifrah Law
Introduced as “S 6913” on March 29, 2014, New York’s online poker bill will allow for poker only, both cash and tournament play. The bill allows New York to enter into liquidity-sharing arrangements with other states. As of now, the bill authorizes 10 online poker licenses that are good for 10 years. The licensing fee is $10 million and the tax rate is 15% of…
State of Opportunity
May 16, 2014
State of Opportunity
By: Ifrah Law
Online gambiling is up and running in New Jersey and it’s off to a strong start, providing a welcome shot in the arm for ailing Atlantic City. Lawyer Sarah Coffey offers some early analysis. Gambling-Insider-State-of-Opportunity
