The U.S. Commodity Futures Trading Commission on Tuesday warned prediction market operators that offering wagers on whether a person will say certain words, interact with someone or attend an event comes with heightened manipulation risks that platforms must address before listing.
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WEDNESDAY, SEPTEMBER 23, 2026 Law360 iOS App Law360 Android App Follow Law360 on Facebook Follow Law360 on LinkedIn Follow Law360 on Twitter

TOP NEWS

CFTC Warns Prediction Platforms Of 'Mention Market' Risks

By Aislinn Keely

The U.S. Commodity Futures Trading Commission on Tuesday warned prediction market operators that offering wagers on whether a person will say certain words, interact with someone or attend an event comes with heightened manipulation risks that platforms must address before listing.

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Kalshi Seeks CFTC OK For Event Contract Margin Trading

By Aislinn Keely

Kalshi on Tuesday asked the U.S. Commodity Futures Trading Commission to sign off on a framework for allowing certain users to trade with borrowed funds, in a move aimed at drawing more institutional activity to the prediction market platform.

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GOP Sen. Seeks Don Jr., Hunter Biden Biz Dealings Probes

By Rae Ann Varona

Sen. John Curtis urged Senate Judiciary Committee leaders to subpoena Donald Trump Jr. and Hunter Biden to testify about past business dealings with foreign individuals and entities, citing reports of a Russian oligarch and Vladimir Putin associate gifting the wedding after-party of President Donald Trump's oldest son in May.

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Coinbase Halts Mich. Sports Offerings Amid Litigation

By Alex Lawson

Coinbase has agreed to pull its sports event contracts from Michigan while the Sixth Circuit untangles a web of litigation over the legality of prediction market platform sports offerings across two other states.

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POLICY & REGULATION

Analysis

4 Flashpoints In FDIC's Bid To Revamp Bank Merger Reviews

By Jon Hill

The Federal Deposit Insurance Corp.'s new plan to overhaul its bank merger review process is aimed at delivering faster, more predictable decisions on deals, but some of its key provisions could spark friction as banks and their critics weigh in over the coming weeks.

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SEC E-Delivery Plan Draws Access Concerns, Enviro Praise

By Jessica Corso

State regulators, labor unions and at least one member of Congress are among those urging the U.S. Securities and Exchange Commission to rethink a proposal that would allow issuers and market intermediaries to default to electronic delivery of investor documents, while Wall Street groups and environmental advocates praised the measure.

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DOJ Says Fired NCUA Members Aren't Like Fed Officials

By Katryna Perera

The U.S. Department of Justice is urging the D.C. Circuit to reverse a district court order reinstating ousted National Credit Union Administration board members, arguing Congress didn't impose presidential removal restrictions on the NCUA and that the agency isn't analogous to the Federal Reserve.

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Commerce On The Lookout For Polysilicon Stockpiling

By Jack McLoone

The U.S. Department of Commerce is looking to prevent the stockpiling of imported polysilicon and derivative products ahead of tariffs and price floors that will come into effect in December, it said in new rules Tuesday.

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ENFORCEMENT & COMPLIANCE

SEC Fines Broker-Dealer Over System Security Failures

By Sarah Jarvis

The U.S. Securities and Exchange Commission on Tuesday ordered OTC Link LLC to pay $575,000 over allegations that the New York-based broker-dealer did not establish and enforce policies to ensure the security of the technology underpinning one of its alternative trading systems, despite several citations from examiners.

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LITIGATION

OppFi SPAC Investors Get OK For $13M Post-IPO Flop Deal

By Katryna Perera

The Delaware Chancery Court on Tuesday approved a $13 million settlement to end litigation accusing special purpose acquisition company FG New America Acquisition Corp. and several of its executives and directors of overselling the value of merger target Opportunity Financial, whose stocks plummeted by some 80% after the take-public transaction.

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DEALS

Binance Plugs $100M Into Latham-Led Blockchain Co. Circle

By Jade Martinez-Pogue

Global blockchain ecosystem Binance on Tuesday revealed that it has extended its strategic partnership with Circle Internet Group, which is advised by Latham & Watkins LLP, in a deal that includes a $100 million equity investment in Circle.

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EXPERT ANALYSIS

Series

Fintech Regulator Outlook: 5 Lessons From Minnesota

Minnesota's recent cryptocurrency kiosk ban and virtual currency custody rules hold several broad compliance lessons: Digital asset companies must map regulated activities, strengthen third-party oversight and engage regulators early to innovate responsibly, says Deputy Commissioner of Financial Institutions Mike Crow at the Minnesota Department of Commerce.

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The Preemption Gap In Prediction Market High Court Petitions

The Supreme Court is considering three certiorari petitions following a split in prediction market litigation between the Third and Ninth circuits, but one of the petitions would not allow the court to reach the express preemption question, which would leave the dispute half-resolved, says Jordan Garman at Withers.

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Tips From Apex Ruling On Handling Workers' Public Criticism

A National Labor Relations Board judge’s recent finding that Apex Fintech Services illegally reined in an employee’s public criticism on LinkedIn should caution employers that overbroad policies and reflexive responses may not only fail to defend the company’s reputation, but compound risks of federal labor charges, say attorneys at Krevolin Horst.

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LEGAL INDUSTRY

Seyfarth Says Data Breach Exposed Social Security Numbers

By Hailey Konnath

Seyfarth Shaw LLP has disclosed a recent data breach that exposed the names and Social Security numbers of at least 300 individuals, according to notices filed with the Texas and California attorneys general.

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Meta Flaunts 'Abuse' Of Atty-Client Privilege, Judge Told

By Dorothy Atkins

A California federal judge ordered Meta on Tuesday to rereview privilege designations on 300 documents in social media addiction litigation, after plaintiffs' lawyers cited a "culture of privilege abuse" epitomized by Instagram swag hats embroidered with "a/c priv" — the shorthand used to log withheld documents.

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Mich. Fed. Judge On 1-Year Leave Over Drunken Driving Case

By Jack Karp

U.S. District Judge Thomas L. Ludington is taking a one-year paid leave of absence from the bench following his misdemeanor conviction for drunken driving, the U.S. District Court for the Eastern District of Michigan announced Tuesday.

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Womble Bond Can't Quit Dutch Client With TM Trial Looming

By Hayley Fowler

Womble Bond Dickinson can't withdraw from a trademark feud that's dragged on for more than five years between U.S. and Dutch software companies, a North Carolina federal judge ruled, saying the firm's exit at this late stage "would be completely disruptive."

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COMPANIES IN TODAY'S NEWS

Americans for Tax Reform

Binance Holdings Ltd.

CME Group Inc.

Coinbase Global Inc.

Discord Inc.

Instagram Inc.

Investment Company Institute

Kalshi Inc.

LinkedIn Corp.

Los Angeles Unified School District

Meta Platforms Inc.

National Association of Letter Carriers

National Wildlife Federation

North American Securities Administrators Association

OppFi Inc.

Roblox Corp.

Sierra Club

Snap Inc.

ThinkEquity LLC

TikTok Inc.

Twitter Inc.

U.S. Chamber of Commerce

United Steelworkers

X Corp.

YouTube Inc.

LAW FIRMS IN TODAY'S NEWS

Abrams & Bayliss

Alston & Bird

Blank Rome

Covington & Burling

Davis Wright Tremaine

Debevoise & Plimpton

Eckert Seamans

Ellis & Winters

Gibson Dunn

Goodwin Procter

Grant & Eisenhofer

Greenberg Traurig

Halloran Farkas

Holwell Shuster

Kramer LLP

Krevolin & Horst

Latham & Watkins

Lewis Brisbois

Lieff Cabraser

McDermott Will & Schulte

Miller Canfield

Potter Anderson

Quinn Emanuel

Scott&Scott

Seyfarth Shaw

Taft Stettinius

WilmerHale

Withersworldwide

Womble Bond

GOVERNMENT AGENCIES IN TODAY'S NEWS

Bureau of Industry and Security

California Attorney General's Office

Commodity Futures Trading Commission

Delaware Court of Chancery

Equal Employment Opportunity Commission

Executive Office of the President

Federal Deposit Insurance Corp.

Federal Reserve System

Minnesota Department of Commerce

National Credit Union Administration

National Labor Relations Board

Office of the Comptroller of the Currency

Texas Attorney General's Office

U.S. Court of Appeals for the District of Columbia Circuit

U.S. Court of Appeals for the Ninth Circuit

U.S. Court of Appeals for the Sixth Circuit

U.S. Court of Appeals for the Third Circuit

U.S. Customs and Border Protection

U.S. Department of Commerce

U.S. Department of Justice

U.S. Department of the Treasury

U.S. District Court for the District of New Jersey

U.S. District Court for the Eastern District of Michigan

U.S. District Court for the Northern District of California

U.S. Postal Service

U.S. Securities and Exchange Commission

U.S. Senate

U.S. Supreme Court