The U.S. Ninth Circuit Court of Appeals has ruled that prediction market contracts tied to sports events are not financial swaps, contradicting a Third Circuit decision from April and potentially clearing the way for Supreme Court review. Source: CNBC.
The U.S. Court of Appeals for the Ninth Circuit has ruled that prediction market contracts tied to sports events are not financial swap contracts. The decision contradicts a ruling by the Third Circuit earlier this year, potentially clearing the way for the U.S. Supreme Court to take up the issue. (CNBC)
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