and the proper application of the swap and excluded commodity definitions under the [CEA].” 31 Given that the number of applications for DCM registration has more than doubled over the past year, largely from entities that are interested primarily, or exclusively, in operating prediction markets, the Commission is issuing this Advance Notice of Proposed Rulemaking to seek information about significant issues that have come to light since the 2024 proposal. The comments provided will assist the Commission in the formulation of a potential future agency action, including rulemaking, with respect to prediction markets. II. Questions and Request for Comment In responding to each of the following questions, please provide a detailed response, including the rationale for such response, cost and benefit considerations, and relevant supporting information, such as data, or studies when available. The Commission encourages commenters to include the assigned topic number of the specific request for comment in their submitted responses to facilitate the review of public comments by Commission staff. A. Core Principles and Commission Regulations 1. What factors should the Commission consider in determining whether to provide guidance or amend its regulations regarding how the DCM Core Principles in CEA section 5(d) apply to prediction markets? 32 Are there specific points on which the Commission should provide guidance or adopt rule amendments? Why or why not?
31 Event Contracts; Withdrawal of Proposed Regulatory Action, 91 FR 5386 (Feb. 6, 2026). 32 7 U.S.C. 7(d).
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