United States: Commodities/Derivatives/Stock Exchanges

The International Organization of Securities Commissions has issued two significant final reports addressing pre-hedging practices and financial asset tokenization, both carrying major implications for US and global derivatives regulation. These principles-based guidance documents may reshape how the Commodity Futures Trading Commission approaches market-conduct standards while balancing technological innovation. The reports explore frameworks for managing conduct risks in pre-hedging activities and assess

The Third Circuit's landmark ruling in favor of Kalshi has reshaped the regulatory landscape for event contracts and prediction markets. As federal courts weigh in on whether these instruments are derivatives or gaming products, the CFTC faces mounting pressure to clarify its oversight framework while addressing concerns about insider trading and market manipulation.

The U.S. Commodity Futures Trading Commission's settlement with former FTX engineering head Nishad Singh demonstrates how substantial cooperation in investigations can lead to significant penalty reductions, while also establishing precedent for holding non-trading executives liable for aiding and abetting fraud.