Worldwide: Commodities/Derivatives/Stock Exchanges

The U.S. Supreme Court may soon decide whether federal derivatives law preempts state sports gambling regulations, while the SEC proposes eliminating its controversial pay-to-play rule for investment advisers. Federal regulators also clarify how financial institutions can discuss suspicious transactions with customers without violating confidentiality requirements.

Prediction markets have rapidly evolved from a niche financial sector into one of the fastest-growing areas of the derivatives industry, attracting institutional investors, exchanges, and heightened regulatory scrutiny. As the CFTC, courts, and industry participants work to define the regulatory framework for this emerging asset class, questions around market structure, customer protection, and risk management have moved to the forefront. Katten's Financial Markets and Regulation team provides cutting-edge

Moore & Van Allen's Derivatives & Trading team provides comprehensive analysis of recent CFTC and SEC enforcement actions, proposed regulations on crypto assets...

On this episode of “An Ounce of Prevention,” host Andrew Good is joined by white collar defense and investigations partner Chad Silverman to discuss why prediction markets have become one of the hottest enforcement topics in the United States.

The Digital Asset Market Clarity Act promised to bring regulatory stability to the cryptocurrency industry, but faces mounting obstacles to congressional approval. With traditional banks opposing activity-based rewards provisions and law enforcement groups challenging anti-money laundering carve-outs, the bill's path forward has narrowed considerably.

Kalshi's launch of clinical-trial prediction markets creates a novel regulatory challenge at the intersection of federal derivatives law, pharmaceutical development, and information asymmetry.

CME Group is set to reintroduce security futures to U.S. markets after a four-year absence, launching cash-settled futures on 55 individual equity names. This comprehensive analysis examines the intricate dual regulatory framework governing these hybrid instruments, which are simultaneously classified as both securities and futures, and explores the complex compliance obligations facing broker-dealer/futures commission merchant intermediaries navigating overlapping SEC and CFTC jurisdiction.

The CFTC has adopted significant amendments to its margin requirements for uncleared swaps, fundamentally changing how seeded funds are treated and expanding eligible collateral options. These changes eliminate longstanding barriers that forced fund sponsors to structure vehicles offshore and restricted the use of money market fund shares as collateral. The Final Rule brings U.S. regulations into closer alignment with international standards while addressing practical challenges faced by market participants

Last Spring, we provided an overview of the Texas Stock Exchange. One year later, the Exchange has clearly moved from concept to reality, following its June 27, 2026 Final Confidence Test and the launch of phased trading in July. The key question now is whether the Exchange can scale smoothly, attract listings, and build meaningful liquidity as it expands through 2026 and into 2027.