CFTC Proposes Rules to Define Prediction Market Contracts

VERA Brief

AI-generated. Grounded in the article and its cited sources.

The Commodity Futures Trading Commission (CFTC) has proposed two rules to the White House to define prediction market contracts. The proposals aim to classify event contracts as swaps and exclude gambling products, clarifying the CFTC's regulatory authority.

Key facts

• The CFTC has submitted two proposed rules to the White House regarding prediction markets.
• The proposals would define event contracts as swaps.
• The proposals would exclude casino-style gambling products.
• This action is intended to assert the CFTC's exclusive jurisdiction over prediction markets.
• The White House is currently reviewing these proposed rules.