By David O’Neil, Douglas Zolkind and Peg Schreiner ( September 9, 2026, 2:17 PM EDT) -- The rapid growth of prediction markets has been met with rising enforcement efforts by the U.S. Department of Justice and the U.S. Commodity Futures Trading Commission. But as individual defendants have started to challenge these cases, and as states battle the federal government for regulatory jurisdiction, a key legal issue underlies each of the disputes: When do event contracts constitute swaps under the Commodity Exchange Act?...
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