As we have previously noted, the Commodity Futures Trading Commission (CFTC) continues to face legal challenges to its regulatory approach to political event contracts. The past two weeks have seen a flurry of activity in the United States District Court for the District of Columbia (District Court) and the United States Court of Appeals for the District of Columbia Circuit (Circuit Court). Currently, based on a decision by the District Court, political event contracts appear to be permitted under the Commodity Exchange Act, but a judicial ruling is pending appellate court review, and the Circuit Court will hear oral arguments on the CFTC’s emergency appeal to stay the District Court ruling tomorrow (Thursday, September 19). The CFTC remains deeply involved in litigation in two circuits, with litigation ongoing in both.
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