According to Galaxy Research, the U.S. Commodity Futures Trading Commission (CFTC) has issued "market reference" guidelines regarding bets on individual statements and actions (such as executives mentioning specific terms during earnings calls). This practice carries a very high risk of manipulation, and exchanges listing such products will face stricter scrutiny. Galaxy analysis points out that there are clear loopholes in this regulation: if a person does not hold any positions in the market and does not participate in trading, merely uttering certain terms based on personal choice does not constitute manipulation under the Commodity Exchange Act. Additionally, protected by the First Amendment of the U.S. Constitution, regulators cannot restrict or force individuals' speech, meaning that purely verbal interventions cannot be covered by existing rules.