The U.S. Commodity Futures Trading Commission (CFTC) has submitted two regulatory proposals to the White House Office of Information and Regulatory Affairs regarding event contracts. The first proposal explicitly classifies event contracts as swaps and will enter a public comment period, while an interim final rule excludes casino-style gaming products from the swap definition and takes effect upon administrative approval. This regulatory action responds to recent rulings by the Sixth and Ninth Circuit Courts of Appeals concerning swap definitions. The Supreme Court has also accepted three petitions related to the matter, signaling heightened judicial scrutiny over how these financial instruments are categorized under federal law.