Commodity Futures Trading Commission Chairman Michael S. Selig stated that event contracts on sports, politics, cultural events and weather are commodity derivatives within the agency's exclusive federal jurisdiction under the Commodity Exchange Act

From the articleCFTC proposes a divide between prediction contracts and sportsbook wagersAlso in CFTC proposes new swap definition to regulate prediction markets, CFTC Draws the Line Between Prediction Markets and Gambling in New Rules - Decrypt, U.S. CFTC moves to fold event contracts into swaps regulations as legal fight rages, CFTC proposes treating event contracts as swaps while excluding casino gambling