DCM: Approved
SEF: N/A
FCM: Approved (Kinetic Markets LLC, NFA, March 24, 2026)
State: Blocked in Washington, Nevada, and Utah (final judgment, Tenth Circuit appeal pending); active litigation in 15+ states
Event ContractsElection MarketsEconomic IndicatorsSportsCrypto Perpetual FuturesCommoditiesMusic & Entertainment
Federally regulated DCM operating nationwide; aggressively litigating CEA preemption against state regulators (Third Circuit win, AZ federal PI, Tennessee TRO; losses in MD district court, 6th Cir. stay, WA remand).
DCM: Approved via QCX (Nov 2025)
NO_ACTION: Letter 25-28 (Sep 2025)
FCM: Filed (PM Derivatives LLC, NFA, July 3, 2026; CFTC approval still pending)
State: Live in US since Dec 2025; iOS launched May 2026
Event ContractsElection MarketsSportsCryptoPerpetual Futures (BTC/NVDA/Gold up to 10x)
Operates a CFTC-regulated DCM via its QCX LLC acquisition; reentered the US market in December 2025.
NO_ACTION: Active (litigated)
DCM: N/A
State: Limited
Election MarketsPolitical Event Contracts
Operating under a CFTC no-action letter originally issued for academic research.
DCM: Approved
SEF: N/A
State: Operating in 50 states
Event ContractsEconomic IndicatorsClimate
Operates as a CFTC-regulated DCM affiliated with Interactive Brokers.
RDRobinhood Derivatives / Rothera
Menlo Park, CA
DCM: Operating via MIAXdx (Rothera JV)
SEF: N/A
State: Targeted in multi-state C&Ds and CFTC counter-suits
Event ContractsSportsElection MarketsEconomic Indicators (PCE, Jobless Claims)Soccer / World Cup
Pivoting from Kalshi reseller to operator of its own CFTC-licensed DCM via Rothera (Robinhood/Susquehanna/MIAX JV, 45/45/10), which closed in January 2026.
CECME Event Contracts
Chicago, IL
DCM: Approved (legacy)
SEF: Approved
State: Operating in 50 states
Event ContractsEconomic IndicatorsWeatherInternational SoccerWNBA Basketball
Long-standing DCM with deep CFTC relationships; offers institutional-oriented event contracts on macro and sports outcomes.
IBInteractive Brokers ForecastTrader
Greenwich, CT
DCM: Listed via ForecastEx
SEF: N/A
State: Operating in 50 states
Event ContractsEconomic Indicators
Distributes ForecastEx contracts through its broker-dealer.
CDCrypto.com Derivatives NA
Wilmington, DE
DCM: Approved
SEF: N/A
State: Multi-state C&Ds + Wisconsin AG civil suit
Event ContractsCryptoSports
Operates a CFTC-regulated DCM but faces multi-state enforcement.
DPDraftKings Predictions / Railbird
Boston, MA
DCM: Approved (Railbird, June 2025)
SEF: N/A
FCM: Approved (NFA, July 14, 2026)
State: Adjacent sportsbook licenses (multi-state)
Event ContractsSportsCombos (parlay-style)EconomicsPoliticsEntertainment
Operates a CFTC-licensed DCM (Railbird, acquired October 2025 and rebranded as DraftKings Prediction).
CSCharles Schwab / Cboe
Westlake, TX / Chicago, IL
OTHER: Cboe Options Exchange (SEC-regulated); OCC clearing
DCM: N/A — routes via Cboe, not CFTC DCM
State: Avoids sports/politics; no state AG exposure anticipated
S&P 500 Yes-or-No Binary ContractsS&P 500 'Plus Zone' Partial-Payout Contracts
Enters prediction markets via Cboe Options Exchange, bypassing CFTC DCM registration by linking products exclusively to financial benchmarks.
H(Hyperliquid (HIP-4)
Decentralized (Hyperliquid Foundation)
DCM: Unregulated (offshore / on-chain)
SEF: N/A
State: Not US-licensed; available via VPN
BTC Outcome MarketsPermissionless Event Markets (mid-June rollout)Crypto Perpetual Futures
Crypto-native venue activated the HIP-4 prediction-market protocol on mainnet May 2, 2026 with a zero open-fee structure.
