MVA White Collar Defense, Investigations & Regulatory Advice Blog

The legal fight over sports-related prediction-market contracts has moved quickly from regulatory novelty to a full-blown federal-state jurisdictional dispute. On August 28, 2026, the U.S. Court of Appeals for the Ninth Circuit held in KalshiEX, LLC v. Assad that Nevada may continue enforcing its gaming laws against Kalshi’s sports-related event contracts because those contracts likely fall outside the category of swaps subject to the Commodity Futures Trading Commission’s (CFTC) exclusive jurisdiction under the Commodity Exchange Act (CEA).

The decision directly ...

Artificial Intelligence (“AI”) is everywhere you look right now. AI is a lot of things, but for most of the market it is simultaneously a buzzword for innovation and efficiency, and a bogeyman for fraud and privacy concerns. As such, AI is a technology that banking and markets regulators, like the Commodity Futures Trading Commission (“CFTC”) are watching closely. On December 5, 2024, the CFTC issued a staff advisory (the “Advisory”) regarding the use of AI in CFTC-regulated markets.

By John Fagg, Nader Raja, and Kristen Kenley.  On July 11, 2018, pursuant to a Presidential Executive Order, the Department of Justice announced the formation of a new multi-agency task force on Market Integrity and Consumer Fraud that will focus on combating consumer and market fraud.  Deputy Attorney General Rod Rosenstein, who will chair the new task force, unveiled plans for the initiative at a press conference that brought together top regulators at the Department of Justice, the Securities and Exchange Commission, the Consumer Financial Protection Bureau, and the Federal ...