Crackdown on DeFi? An Examination of the CFTC's Enforcement Action Against Uniswap — The Crypto Exchange
JONES DAY TALKS®: CFTC and DOJ Target Derivatives Trading Across Industries
NFA Chairman Chris Hehmeyer Talks Bankruptcy Reform
On March 12, 2026, the Commodity Futures Trading Commission (CFTC) issued two noteworthy releases on event contracts and prediction markets: (1) an advisory from the CFTC’s Division of Market Oversight (DMO) providing...more
A recent decision from the U.S. District Court for the Middle District of Tennessee marks a significant development in the ongoing dispute over whether sports event contracts offered on prediction market platforms are...more
Kalshi announced that it pursued enforcement actions against two participants for alleged manipulative trading activity. The CFTC also issued a related Prediction Markets Advisory reaffirming its oversight authority in this...more
Prediction markets (i.e., platforms where people can bet on the outcome of future events) have moved rapidly from the periphery of finance into the regulatory mainstream. This week, that shift became unmistakable when Kalshi...more
On Feb. 26, 2026, the Market Participants Division (“MPD”) of the Commodity Futures Trading Commission (“CFTC”) amended and restated CFTC No-Action Letter No. 25-50 (“Letter No. 25-50”) with new CFTC No-Action Letter No....more
On February 25, 2026, the U.S. Commodity Futures Trading Commission (“CFTC”) Division of Enforcement released an advisory, reminding market participants of the agency’s authority to pursue misuse of material nonpublic...more
Prediction markets, where users can take monetary positions on nearly endless scenarios, have surged in popularity in recent months. As prediction markets become more widespread, however, concerns about insider trading on the...more
Enforcement Round-Up - New CFTC Director of Enforcement? According to early press reports, and confirmed by a recent announcement on March 2,CFTC Chairman Michael Selig has selected David I. Miller to join the agency...more
There are, broadly speaking, three ways to make money on a prediction market. One is to be better than everyone else at aggregating public information about possible future outcomes. The second is to be clairvoyant. The...more
A recent spate of suspiciously timed and highly profitable bets on prediction markets have ignited concerns over whether insiders are quietly gaming the system. According to reports, shortly before the capture of Venezuelan...more
In an unusual move, the Commodity Futures Trading Commission’s (CFTC or Commission) Division of Enforcement (Division) issued an advisory (Advisory) on February 25, 2026, highlighting two disciplinary actions brought by...more
Under Commodity Futures Trading Commission (CFTC) regulations, persons who have claimed an exemption or exception from commodity pool operator (CPO) or commodity trading advisor (CTA) status pursuant to part four of the...more
On February 17, 2026, the Commodity Futures Trading Commission (CFTC) filed an amicus curiae brief in the Ninth Circuit supporting North American Derivatives Exchange, Inc., d/b/a Crypto.com Derivatives North America...more
February 2026 has marked a pivotal stretch in the escalating legal battle over prediction markets in the U.S. In a flurry of legal and regulatory activity, the Commodity Futures Trading Commission (CFTC) publicly declared it...more
The White House Crypto Policy Council convened a third meeting with executives and representatives from the crypto industry and traditional finance to continue discussions on digital asset market structure legislation....more
The Commodity Futures Trading Commission (CFTC or the Commission) is not waiting for the courts to sort out who regulates prediction markets. In the span of a couple days, CFTC Chairman Michael S. Selig published an op-ed in...more
2025 marked a period of profound transformation across the sports and gaming industries. From the explosive growth of prediction markets and robust integrity enforcement in sports betting to record-setting franchise...more
Prediction markets are online platforms where people can bet on the outcome of future events with a “yes” or “no” answer, including contracts based on sports, popular culture and politics. These markets have exploded in...more
Kalshi, a federally regulated prediction market, is betting big on its business model. Whether that bet pays off depends on how courts resolve a growing conflict between federal commodities regulation and state gambling laws....more
On January 29, the U.S. Senate Committee on Agriculture, Nutrition, and Forestry (AG Committee), led by Chairman John Boozman (R‑AR), advanced S. 3755, the Digital Commodity Intermediaries Act (DCIA), on a party-line vote....more
On January 29, the Senate Committee on Agriculture, Nutrition, and Forestry advanced its version of legislation regulating digital assets titled the “Digital Commodity Intermediaries Act.” ...more
On February 4, the CFTC announced the withdrawal of a proposed rule on event contracts published in the Federal Register in June 2024. The proposal sought to clarify which types of event contracts, particularly those...more
On January 30, 2026, the Commodity Futures Trading Commission (CFTC) issued Staff Letter 26‑03 (Staff Letter), providing clarity for swap market participants regarding the treatment of certain legacy swaps with two Morgan...more
On January 27, 2026, the Commodity Futures Trading Commission (CFTC) issued No-Action Letter No. 26-02 (No Action Letter), granting conditional relief from the compliance deadline for the CFTC’s 2024 amendments to Part 17 of...more
Unlike traditional sportsbooks, regulated platforms operate under Commodity Exchange Act and US Commodity Futures Trade Commission (CFTC) rules for derivative products, appealing to institutional players and retail traders...more