CFTC Excludes Casino-Style Gambling From Swap Definition
The Commodity Futures Trading Commission has published an interim final rule explicitly excluding casino-style gambling products from its swap definition.
The Commodity Futures Trading Commission published an interim final rule codifying its longstanding position that casino-style gambling products, including wagers placed on sportsbooks and casino games, are excluded from the definition of a "swap," according to CFTC_Press.
"Casino-style gambling products are not derivatives," CFTC Chairman Michael S. Selig said in the announcement. "Just as the CFTC has done with respect to other products historically regulated by the states, the Commission today provides clarity regarding the limits of its regulatory remit by codifying the exclusion of casino-style gambling products from the 'swap' definition."
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Implementation and Comment Period
The interim final rule becomes effective immediately upon publication in the Federal Register. The agency stated that written public comments must be submitted via Regulations.gov within 30 days of the rule's publication.
Key facts
- The Commodity Futures Trading Commission published an interim final rule regarding casino-style gambling products.
- Wagers placed on sportsbooks and casino games are formally excluded from the "swap" definition.
- Written comments on the interim final rule are due within 30 days of its publication in the Federal Register.
- The rule takes effect immediately upon publication.
Source: cftc.gov
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