According to CoinMeta, the Commodity Futures Trading Commission (CFTC) proposed on October 9th to include event contracts within its regulatory definition of swaps, while excluding casino-style gambling from this definition in a temporary final rule. CFTC Chair Michael Selig stated that event contracts "are commodity derivatives and are fully within the regulatory scope of the CFTC." The proposal requires comments to be received within 30 days after it is published in the Federal Register. Selig pointed out that casino-style gambling products are not derivatives, and that this rule will take effect after it is published in the Federal Register. The text of this rule responds to comments from 40 states and the District of Columbia, which stated that sports event contracts "are no different from traditional sports betting."