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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 United Kingdom Institutes a Voluntary Code of Good Practice for Operators of Prize Draws
November 26, 2025
The United Kingdom Institutes a Voluntary Code of Good Practice for Operators of Prize Draws
By: John Mikuta
The United Kingdom has published a Voluntary Code of Good Practice for operators of prize draws and competitions (“PDCs”).[1] The Code contains a wide range of key measures that operators are expected to implement to improve player safety and transparency. Because the Code is voluntary, operators are not legally bound to abide by it. However, dozens of operators and other relevant entities in the United…
Following in Florida’s Footsteps: Hub-and-Spoke Sports Betting Could Be Coming to Wisconsin.
October 28, 2025
Following in Florida’s Footsteps: Hub-and-Spoke Sports Betting Could Be Coming to Wisconsin.
By: John Mikuta
Statewide online sports betting may soon be coming to Wisconsin. Last week, a bipartisan group of Wisconsin legislators introduced a bill, LRB-4723/1, which would legalize online sports betting in the state.[1] If the bill is enacted into law, Wisconsin would become the 32nd state to allow online sports betting statewide. Wisconsin has not yet enacted any statewide sports betting legislation. In fact, Wisconsin’s Constitution generally…
As Predicted, Prediction Markets Dominate G2E Discussions
October 13, 2025
As Predicted, Prediction Markets Dominate G2E Discussions
By: Sara Dalsheim
Every year at the biggest gaming conference in the world, G2E, there is one topic on everyone’s lips. In past years, these topics have been legalized online sports wagering, daily fantasy sports, legalized iGaming, expansions of legalized online gaming, social gaming, and sweepstakes casinos. This year it was no different; the topic being – prediction markets. With the growing popularity of exchanges such as Kalshi…
Practice, Study Hall and Sports Betting? NCAA Set to Allow College Athletes to Bet on Professional Sports
October 10, 2025
Practice, Study Hall and Sports Betting? NCAA Set to Allow College Athletes to Bet on Professional Sports
By: Michelle Cohen
First came the name, image, and likeness deals, and now…sports betting. Following a trend of eliminating certain restrictions on collegiate student-athletes, the NCAA’s Division I Administrative Committee just approved a proposal that removes the ban on student-athletes and athletic department staff engaging in sports betting on professional sports. Division II and Division III officials must also adopt the proposal before it can become effective. Assuming…
R-E-S-P-O-N-S-I-B-I-L-I-T-Y! Find out what it means in New Jersey
September 22, 2025
R-E-S-P-O-N-S-I-B-I-L-I-T-Y! Find out what it means in New Jersey
By: Sara Dalsheim
Last week New Jersey published and proposed new Internet and Mobile Gaming Responsible Gaming regulations (57 New Jersey Register 2230(a)). The proposed regulations create new standards and definitions relating to responsible gaming. The regulations are available for public comment until November 14, 2025. During the iDEA Growth panel discussion on “Proactive Player Protection: Making Responsible Gaming the New Normal” on September 16th New Jersey Department…
