Commodity Futures Trading Commission Chairman Michael S. Selig stated that casino-style gambling products, including sportsbook wagers and casino games, are not derivatives, defining the limits of the agency's regulatory reach

Futures, options, and perpetual swaps tied to digital-asset prices, letting traders hedge or lever positions and often dwarfing spot volumes.

Ongoing legal fight over which digital assets count as securities under investor-protection law and which are commodities, determining whether the SEC or CFTC oversees them.