📅 10 November 2026 • CFTC • Federal Register
The CFTC has finalized an interpretation of its impartial access rules: designated contract markets may not restrict access to their markets based on geography within the United States. Exchanges have 30 days to remove domestic geographic restrictions, or must explain in writing to the Division of Market Oversight why compliance is not feasible.
The Federal Register of 10 November 2026 publishes the final Interpretation of Commission Regulation 38.151(b), DCM Impartial Access Requirements (91 FR 72407, document 2026-22863), effective the same day. The rule at 17 CFR 38.151(b) requires designated contract markets to provide competitive, open, fair, and impartial access to their members and persons with trading privileges. The interpretation concludes that Core Principle 2 of CFTC Part 38 does not allow a DCM to restrict access based on geography within the United States.
The comply-or-explain deadline. DCMs must cease domestic geographic restrictions that violate the Impartial Access Requirements within 30 days, that is by about 10 December 2026, or submit to the CFTC Division of Market Oversight a written explanation why compliance is not feasible. The Commission will consider the facts and circumstances of any particular case in connection with potential action. The guidance was announced on 5 November 2026 in press release 9323-26 and takes effect upon Federal Register publication.
Intermediaries are expressly in scope. Within the same 30 days, DCMs should ensure that intermediaries accessing their markets are not impeding impartial access and are complying with the requirements, or explain to the Division why such compliance is not feasible. The Federal Register text adds that, because Core Principle 2 bars geography-based restrictions, DCMs must take reasonable steps to ensure intermediaries do not impose geographic restrictions that violate impartial access. The statutory basis is CEA section 5(d)(2)(B), 7 U.S.C. 7(d)(2)(B).
Prediction and event contracts. The practical target is platforms that geofence US users by state, because geographic access criteria restrict access to certain event contract markets. Announcing the interpretation, Chairman Michael S. Selig said derivatives markets must operate on a uniform basis at a national scale in order to achieve the purposes set out in the Commodity Exchange Act. Legal and industry outlets, including regulatoryoversight.com and vitallaw.com, note the guidance lands amid litigation over state-level limits on event contracts.
IMPACT: Designated contract markets, their intermediary partners, and prediction market platforms must audit access criteria, exchange rules, and intermediary arrangements by about 10 December 2026. Restrictions based on a participant location rather than financial and operational soundness now conflict with 17 CFR 38.151(b). Domestic geographic restrictions that violate the requirements must be removed, or a written explanation must be submitted to the Division of Market Oversight, which will weigh each case on its facts.
Sources: federalregister.gov • cftc.gov • regulatoryoversight.com • vitallaw.com • igaming-times.com
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