.[13] Acting Chairman Pham to Launch Public Roundtables on Innovation and Market Structure, CFTC Release Number 9038-25 (Jan. 27, 2025).[14]See, e.g., Dissenting Statement of Commissioner Caroline D. Pham on DeFi Enforcement Action Involving Uniswap Protocol, CFTC Press Release no. 8961-24 (Sep. 4, 2024).[15] A Voice for the People: A Proposal for a New Office of the Retail Advocate, Keynote Address by Commissioner Caroline D. Pham at CordaCon 2022 (Sept. 27, 2022). The 10 fundamentals are: (1) identify the particular product or service; (2) the product or service must be within the regulatory perimeter; (3) mitigate system risk; (4) combat illicit finance and national security risks; (5) appropriate use activity-based and entity-based regulation; (6) protect customers and the retail public; (7) ensure transparency; (8) vigorously enforce market conduct rules; (9) address conflicts of interest; and (10) promote free markets that will unlock American innovation.[16]See Event Contracts, 89 F.R. 48968 (June 10, 2024).[17]SeeKalshiEx LLC v. CFTC, No. 24-5205 (D.C. Cir.) (argued Jan. 17, 2025); Clarke v. CFTC, No. 22-51124 (5th Cir.).[18]Dissenting Statement of Commissioner Caroline D. Pham on Event Contracts Proposal (May 10, 2024) ("I certainly don't want the Commission to be registering Las Vegas sportsbooks and other betting venues.").[19] Dissenting Statement of Commissioner Caroline D. Pham Regarding the Review and Stay of KalshiEX LLC's Political Event Contracts, CFTC Press Release No. 8578-22 (Aug. 26, 2022).[20] Acting Chairman Pham: Time for CFTC to Get Back to Basics, CFTC Release No. 9036-25 (Jan. 21, 2025).[View source.]

, saw its monthly trading volume exceed $470 million in August, with similar numbers expected in September as the U.S. presidential election draws closer.15 Under the terms of a 2022 settlement with the CFTC, Polymarket is not able to offer its markets in the U.S.16 Multiple U.S. platforms, however, have indicated their intention to offer election contracts on the heels of the Court’s Order, and one can assume that those platforms will be ready to offer their products given the Court of Appeals’ denial of the CFTC’s motion to stay.17 Whether the CFTC will continue its efforts to ban these markets through rulemakings is another question.1 In the Matter of the Certification by KalshiEX LLC of Derivatives Contracts with Respect to Political Control of the United States Senate and United States House of Representatives, available here.2 See KalshiEx LLC v. CFTC, No. 23-cv-3257 (D.D.C.).3KashiEX LLC v. CFTC, (App. D.C.) (October 2, 2024).4See Event Contracts, notice of proposed rulemaking, 89 FR 48968 (June 10, 2024). The Proposed Rule would further define the enumerated activity of “gaming” to include the staking or risking by any person of something of value on (i) the outcome of a political contest, including an election or elections; (ii) the outcome of an awards contest; (iii) the outcome of a game in which one or more athletes compete; or (iv) an occurrence or non-occurrence in connection with such a contest or game, regardless of whether it directly affects the outcome. Id. at 48975.5 CEA Section 5c(c)(5)(C).6 Event contracts based on a change in the price, rate, value, or levels of the following would generally fall outside of the scope of CEA Section 5c(c)(5)(C) and Regulation 40.11.7 17 C.F.R. § 40.11(c).8https://www.cftc.gov/PressRoom/PressReleases/6224-12.9https://www.cftc.gov/PressRoom/PressReleases/8345-20.10 CEA section 5c(c)(1) and CFTC Regulation 40.2.11 KalshiEx at 21. 12 KalshiEx (App. D.C.) at 8.13Id. at 9-14.14Id. at 15.15https://dune.com/fergmolina/polymarket-markets-data.16