The CFTC submitted two rules to the White House’s OIRA on September 28 that would redraw the definition of a swap around event contracts. The first proposed rule (RIN 3038-AF82) would explicitly include event contracts in the swap category, placing them under the CFTC’s exclusive jurisdiction and beyond state gambling regulators. The second interim final rule (RIN 3038-AF81) would exclude casino-style gambling products from the swap definition. These regulations come as conflicting appeals-court rulings on the classification of these contracts are now before the Supreme Court. The CFTC also announced an investigation into former Rep. Adam Kinzinger over bets placed on Kalshi, while New York state sued Polymarket to ban the platform within its jurisdiction.
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