The US CFTC has submitted a proposed rule to expand the definition of swap to include event contracts, a classification that would give the agency exclusive federal jurisdiction over these instruments traded on regulated exchanges such as Polymarket and Kalshi. US state regulators are disputing this position, arguing that contracts related to sports events fall under state gambling law. The agency has also proposed an interim final rule excluding casino-style gambling products from this definition. This jurisdictional conflict follows Kalshi’s defeat on appeal, which may be taken to the Supreme Court.
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