The CFTC gave U.S. derivatives exchanges 30 days to remove geographic restrictions that violate its impartial-access rules or explain why compliance is infeasible. The new interpretation challenges the Sixth Circuit’s reasoning allowing geofencing without reversing its separate rulings on swap classification and federal preemption of state law. The CFTC argues that geographic exclusions fragment liquidity, weaken price discovery and deprive event markets of useful local information. Phantom excludes Michigan, Nevada and Washington from access to Kalshi prediction markets, while Kalshi’s response to the New Jersey Supreme Court petition is due December 7.
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