The Commodity Futures Trading Commission announced two actions on Oct. 9 to distinguish prediction-market contracts from traditional gambling wagers. The CFTC proposed expressly including sports and other event contracts in the swap definition and announced an interim final rule excluding sportsbook and casino wagers. The proposal is not final, while the exclusion takes effect upon publication in the Federal Register. The Sixth Circuit ruled on Sept. 25 that federal law would not preempt Ohio's or Tennessee's gambling laws even if Kalshi's sports-event contracts were swaps. Better Markets securities-policy director Benjamin Schiffrin argued that sports event contracts enable sports betting and should remain subject to state gambling laws.