device or contrivance”? How should the potential for application of this statute inform the Commission’s regulation of prediction markets? 32. CEA section 4c(a)(3) provides that “[i]t shall be unlawful for any employee or agent of any department or agency of the Federal Government or any Member of Congress or employee of Congress … or any judicial officer or judicial employee … who, by virtue of the employment or position of the Member, officer, employee or agent, acquires information that may affect or tend to affect the price of any commodity in interstate commerce, or for future delivery, or any swap, and which information has not been disseminated [or disclosed] … in a manner which makes it generally available to the trading public, … to use the information in his personal capacity and for personal gain to enter into, or offer to enter into [a futures contract, option on a futures contract, commodity option, or swap].” 62 Similarly, CEA section 4c(a)(4) provides that it is unlawful for any such Federal Government employee or official to impart such information in his personal capacity and for personal gain with intent to assist another person in entering into a futures contract, option on a futures contract, commodity option, or swap, and it is unlawful for the other person who receives such information from any such Federal Government employee or official to knowingly use the information in such transactions. 63 How are prediction markets likely to be affected by nonpublic information that is available to Federal Government employees or officials? How should the potential for application of this statute inform the Commission’s regulation of prediction markets? F. Types of Event Contracts and Other Issues
62 7 U.S.C. 6c(a)(3). 63 7 U.S.C. 6c(a)(4).
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