CFTC interim swap-definition rule takes effect immediately; event contracts face 30-day comment

The Commodity Futures Trading Commission's interim final rule on swap definitions took effect on issuance and remains open to public input.

The agency separately proposed folding event contracts into the swap category, with a 30-day comment period, amid state litigation over sports betting. The event-contract piece is a proposal rather than a rule; the 30-day comment period is where that classification can be argued in writing.

CoinDesk reported that most amicus briefs in the Supreme Court's sports prediction-market case urge the justices to side with the states. The filers it lists include former Senator Chris Dodd, former CFTC and SEC chair Gary Gensler, the NFL, 39 states, D.C. and 145 tribal nations.

The SEC proposed amending Rule 17a-7 to expand cross trading by registered funds to most fixed-income securities, with the changes addressing pricing and oversight and adding aggregated trade reporting. Comments run 60 days after publication in the Federal Register, a longer window than the CFTC's 30 days for event contracts.