Jan. 31, 2025
CFTC Staff Letter 25-02: DMO and DCR issue a supplemental no-action letter to KalshiEX LLC (DCM) and Kalshi Klear LLC (DCO) to remove the prohibition on clearing through third-party clearing members and to extend the relief to fully- collateralized variable payout contracts. CFTC Staff Letter No. 25-23: DMO and DCR provide no-action relief to Chicago Mercantile Exchange (DCM and DCO) from the SDR Regulations for fully- collateralized binary option event contracts. CFTC Staff Letter 25-26: DMO and DCR provide no-action relief to Railbird Exchange, LLC (DCM) and QC Clearing LLC (DCO) from the SDR Regulations for fully-collateralized binary option event contracts executed on Railbird and cleared by QC Clearing, LLC. Conditions include that no participant clears through a third-party clearing member. CFTC Staff Letter 25-28: DMO and DCR provide no-action relief to QCX LLC d/b/a Polymarket US (DCM) and QC Clearing LLC d/b/a Polymarket Clearing (DCO) from the SDR Regulations for fully-collateralized binary option and variable payout event contracts. Conditions include that no participant clears through a third-party clearing member. CFTC Staff Letter 25-35: DMO and DCR provide no-action relief to Electron Exchange DCM and Electron Exchange DCO from the SDR Regulations for fully- collateralized binary option event contracts. Conditions include that no participant clears through a third-party clearing member. CFTC Staff Letter 25-36: Market Participants Division, DMO and DCR issue staff advisory to caution CFTC-registered entities regarding the risk of state regulatory action and litigation arising from the listing or facilitation of trading and clearing of sports-related event contracts.
Jul. 22, 2025
Aug. 7, 2025
Sep. 2, 2025
Sep. 30, 2025
Sep. 30, 2025
Nov. 24, 2025
CFTC issues an amended order of designation for QCX LLC d/b/a Polymarket US as a DCM, removing the prohibition on intermediated clearing.
CFTC Staff Letter 25-44: DMO and DCR provide no-action relief from the SDR Regulations to Gemini Titan LLC (DCM) and QC Clearing LLC for fully- collateralized binary option and variable payout event contracts.
Dec. 11, 2025
March 2026 / Page 2
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