The U.S. Commodity Futures Trading Commission issued an interim final rule immediately implementing Chairman Mike Selig's regulatory framework for prediction markets, while opening a separate 30-day comment period on a proposal to classify event contracts as swaps. The proposed framework would place sports, political, cultural and weather-based contracts traded on platforms including Kalshi and Polymarket under existing federal swaps regulations, while excluding casino-style gambling from the swap definition. Multiple states and former federal officials have challenged the CFTC's authority before the U.S. Supreme Court, arguing that the platforms operate illegal gambling services under state law. Conflicting federal appellate rulings have both supported and opposed state regulatory claims, leaving the jurisdictional dispute unresolved. The interim rule allows the CFTC to demonstrate active implementation of its position as the Supreme Court considers whether to take up the case.