The Commodity Futures Trading Commission (CFTC) recently issued an order disapproving the listing of a political event contract self-certified by a designated contract market (DCM). This was a long-awaited decision in an ongoing debate within and outside the CFTC regarding the future of federally regulated political event contracts. These issues are not new; they have been present and before the CFTC for more than a decade. However, this recent CFTC disapproval comes just after the Fifth Circuit Court of Appeals issued a related and important opinion regarding the operation of a political event contract market pursuant to long-standing CFTC no-action relief.