CFTC asks White House budget office to review two event contract rules

The U.S. Commodity Futures Trading Commission has asked the White House Office of Management and Budget to review two proposed rules on event contracts, according to Crypto Briefing. The proposals would include event contracts in the definition of swaps while separately distinguishing casino-style gambling products. Crypto Briefing said the CFTC argues it has exclusive jurisdiction over event contracts under the Commodity Exchange Act and maintains prediction markets fall under federal, not state, oversight, with the proposed rules set to reinforce that position.