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Earlier this month, the Commodity Futures Trading Commission (“CFTC”) and Major League Baseball (“MLB”) entered into a Memorandum of Understanding (“MOU”) establishing a formal framework for cooperation, information sharing, and coordination on matters affecting the integrity of the prediction markets related to professional baseball.  The MOU does not create any legally binding obligations or enforceable…

On March 17, 2026, the Securities and Exchange Commission issued an interpretation that provides guidance regarding how the federal securities laws apply to certain crypto assets and to certain transactions involving crypto assets.  Consistent with the recent MoU between the agencies, the Commodity Futures Trading Commission joined in this interpretation and guidance confirming that…

On March 12, 2026, the Commodity Futures Trading Commission (“CFTC”) released two documents regarding “event contract” derivatives traded on prediction markets. The CFTC issued an Advance Notice of Proposed Rulemaking (“ANPRM”) requesting public comment on the regulation of prediction markets. The CFTC’s Division of Market Oversight issued a staff advisory providing guidance to designated contract…

In back-to-back speeches at the Futures Industry Association conference, Commodity Futures Trading Commission Chair Selig and Securities and Exchange Commission Chair Atkins set out their views regarding facilitating innovation through principles-based regulation and greater regulatory harmonization.  Chair Atkins provided some background regarding the regulation and oversight of securities and commodities; however, he noted that over…

The Securities and Exchange Commission (“SEC”) and Commodity Futures Trading Commission (“CFTC”) will hold a joint public event on Thursday, January 29, 2026 (rescheduled from Tuesday, January 27), at the CFTC Headquarters in Washington, D.C., to discuss harmonization of the regulatory approach taken by the agencies and U.S. leadership in the crypto era. The…

On December 19, the staff of the Division of Market Participants of the Commodity Futures Trading Commission (“CFTC”) issued no-action relief from commodity pool operator registration for SEC-registered investment advisers to certain private funds. This relief effectively reinstates the registration exemption previously provided by Rule 4.13(a)(4) for managers to private funds offered solely to qualified…

On November 21, 2025, the Structured Finance Association, on behalf of the risk transfer market, received no-action relief on the issue of registration as a commodity pool operator (“CPO”) from the staff of the Division of Market Participants of the Commodity Futures Trading Commission (“CFTC”). This long-awaited relief provides greater certainty that participants in certain…

On October 17, 2025, the National Futures Association (“NFA”) announced a proposal to repeal requirements that firms that are registered with the Commodity Futures Trading Commission (“CFTC”) must make certain disclosures to customers regarding virtual currency activities.

The repeal of the disclosure requirements will take effect 10 days after the CFTC receives NFA’s proposal, unless…

The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have extended the compliance deadline for the amendments to Form PF, moving it from March 12, 2025 to June 12, 2025.

The SEC adopted amendments to Form PF, the confidential reporting form for certain SEC-registered investment advisers to private funds, including those…

Earlier this month, the Commodity Futures Trading Commission proposed rules that would codify certain relief provided to commodity pool operators and commodity trading advisors in the post Dodd-Frank Act years.  The relaxation of the prohibition against general solicitation in Rule 144A offerings and certain Rule 506 offerings led to ambiguity regarding CFTC Rules 4.7(b) and…