The U.S. Commodity Futures Trading Commission on Thursday issued an interim final rule that formally excludes casino-style gambling products, including sports betting and casino games, from the definition of swaps. CFTC Chair Michael S. Selig said such products are not derivatives, and described the move as a clarification of the boundaries of the agency’s regulatory authority. According to the CFTC news release cited by Techub, the rule will take effect immediately after publication in the Federal Register. The agency will also open a 30-day public comment period following publication. The action sets out the CFTC’s position that these gambling-style products fall outside the swap framework, while leaving room for public feedback during the comment window.
The U.S. Commodity Futures Trading Commission (CFTC) issued an interim final rule on Thursday formally excluding casino-style gambling products, including sports betting and casino games, from the definition of swaps.
CFTC Chair Michael S. Selig said casino-style gambling products are not derivatives, adding that the move is intended to clarify the boundaries of the agency’s regulatory authority.
The rule will take effect immediately after it is published in the Federal Register, and the CFTC will accept public comments for 30 days after publication.
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