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The two measures, side by side

Chairman Michael Selig framed the first measure as a jurisdiction claim: event contracts "are commodity derivatives squarely within the CFTC's regulatory remit under the Commodity Exchange Act and are within the agency's exclusive jurisdiction." On the second he said: "Casino-style gambling products are not derivatives." The CFTC added that event contracts are "commonly known to the trade as swaps" and that the proposal aims to resolve any ambiguity about them.

Several outlets described both steps as proposals. The CFTC's own releases are more precise: only the swap definition is a proposal; the casino exclusion is an interim final rule that takes effect on publication, with comments taken afterwards.

Why the CFTC is doing this now

The background is a set of court fights over who regulates prediction markets.

• Several states have sued operators including Kalshi and Polymarket, alleging illegal gambling, and the CFTC has countersued to defend its federal jurisdiction, according to Cointelegraph and Decrypt.
• In late September a three-judge panel of the 6th US Circuit Court of Appeals ruled unanimously for Ohio and Tennessee, finding that Kalshi had not shown its sports-event contracts are swaps under CFTC jurisdiction.
• In April the 3rd Circuit had gone the other way for New Jersey, saying Kalshi was likely to succeed on federal preemption while its appeal continues.
• New Jersey has petitioned the Supreme Court, and Cointelegraph reports that the NFL and a group of state lawmakers have filed in support of the states' position.

When appeals courts split, the Supreme Court often steps in. A formal CFTC rule that event contracts are swaps gives the agency, and the platforms it supervises, a firmer text to point to. The casino exclusion is the concession that makes the claim easier to defend: the agency is saying it does not want sportsbooks and casino games, only contracts that look like financial instruments.

Decrypt reports that the measures formalize proposals the CFTC sent to the White House last month. Cointelegraph notes that Selig is currently the agency's sole commissioner, with four seats vacant.

What changes for users, and what does not

Today. Kalshi, Polymarket's US arm and other CFTC-registered venues keep operating as before. A proposed rule does not decide any lawsuit, and state cases already under way continue.

If the swap definition is finalized. Platforms would be able to cite an explicit CFTC rule, not just their own reading of the Commodity Exchange Act, when they argue that states cannot regulate their contracts as gambling. Courts still decide how much weight such a rule gets, so a final rule strengthens one side of the argument rather than ending it.

For sports contracts specifically. These are the centre of the dispute. The proposal names sports explicitly, while the interim rule excludes sportsbook wagers. The practical line will depend on how a contract is built: a sportsbook-style bet against the house points one way, an exchange-traded contract with a clearinghouse points the other.

For crypto companies. More firms want in. Cointelegraph, citing CNBC, reports that Blockchain.com has applied to the CFTC for designated contract market and futures commission merchant licences so it can run its own event-contract marketplace and broker derivatives for US customers. Clear federal rules lower the legal risk of that kind of expansion.

What to watch next

1. Publication in the Federal Register, which starts both 30-day comment clocks and makes the casino exclusion effective. 2. Whether the Supreme Court takes the New Jersey petition, and whether the justices cite the CFTC's new text. 3. Comment letters from states, tribal gaming bodies and sports leagues, which are likely to argue the definition is too broad. 4. Licence decisions for new entrants such as Blockchain.com. 5. Appointments to the four vacant commission seats, which would change who votes on the final rule.

How to act on this

Event contracts and crypto perpetual futures are different products. If what you actually trade is crypto derivatives on a venue available in your country, this rule does not change your costs; leverage and fees do. Check that the venue serves your jurisdiction first, then compare it with others on /rates and read the Bitget profile. Our earlier pieces on CFTC event-contract manipulation risks and prediction-market self-certification give more background.

Quick answers

Did the CFTC legalize sports betting? No. It proposed that event contracts, including sports contracts, are swaps under its jurisdiction, and separately said casino-style gambling such as sportsbook wagers is not a swap.

Is the rule in force? Only the casino-gambling exclusion takes effect, on Federal Register publication. The swap definition is a proposal.

How long is the comment period? 30 days from Federal Register publication for each measure, through Regulations.gov.

Does this end the Kalshi lawsuits? No. Courts are split, New Jersey has asked the Supreme Court to weigh in, and state cases continue.

Who is the CFTC chair? Michael S. Selig, who Cointelegraph reports is currently the agency's only commissioner.

Limits

This article is based on CFTC press releases 9309-26 and 9310-26, and on reporting by Cointelegraph and Decrypt from 9 to 11 October 2026. We have not read the Federal Register texts, which had not been linked at the time of writing; details may differ once they are published. Court summaries are as reported by Cointelegraph. Fee figures come from NexuAlpha's partner feed checked on 10 October. This is not legal or investment advice. Partner links may earn NexuAlpha a commission paid by the exchange, at no extra cost to you.