CFTC moves to treat event contracts as swaps

The US Commodity Futures Trading Commission announced two rule actions on event contracts on 9 October 2026. One is an interim final rule that takes effect on Federal Register publication. The other is a proposed rule open for comment. We read the CFTC press releases, not the rule texts.

What the CFTC did

• Interim final rule. It codifies the agency’s long-held position that casino-style gambling products, including sportsbook wagers and casino games, are excluded from the definition of “swap”. It takes effect on publication in the Federal Register. Comments are due within 30 days of publication.
• Proposed rule. It would add event contracts tied to sports, politics, culture and weather to the regulatory definition of swap. The agency says these contracts are already commonly treated as swaps and that the change removes uncertainty. Comments are also due within 30 days of publication.

Chairman Michael Selig said that “casino-style gambling products are not derivatives” and that event contracts are “commodity derivatives squarely within the CFTC’s regulatory remit”.

Why it matters

The question of whether sports event contracts are swaps sits at the centre of Kalshi’s cases against states. On 25 September the Sixth Circuit found that Kalshi had not shown its sports contracts meet the swap definition. The Supreme Court has an open petition on the same issue. The new rules are the CFTC’s answer, but courts decide what the statute means, and the proposal is not yet final.

Who is affected

Kalshi and Polymarket, whose US exchanges list event contracts, and the states regulating them.

What changes in our data

Nothing. A rule definition does not change where either platform is available today. State-level limits come from court orders and agreements, and none has been lifted. We will log changes when a court or state acts on the new rules.

Sources

• CFTC, Release 9309-26: Interim Final Rule Excluding Certain Activity from the Definition of Swap, 9 October 2026.
• CFTC, Release 9310-26: Notice of Proposed Rulemaking on event contracts, 9 October 2026.