Crypto Market Recap

The U.S. Commodity Futures Trading Commission (CFTC) has issued two measures defining prediction market event contracts as federal swaps while excluding casino-style gambling and sportsbook wagers. On October 9 the agency opened a proposed rule for public comment that expands the federal "swap" definition to cover event contracts tied to sports, politics, culture and weather. CFTC Chair Michael Selig said these products fall within the agency's exclusive jurisdiction, and both measures carry 30-day public comment windows.