On June 19, in the context of related litigation at the Chicago Mercantile Exchange (CME), the U.S. Commodity Futures Trading Commission (CFTC) and the U.S. Securities and Exchange Commission (SEC) jointly issued a public request for comments, planning to update and clarify the definitions and regulatory interpretations of certain derivative products. This inquiry covers a wide range of topics, including the definition of 'swaps', the definition of 'security-based swaps', and the delineation of the exemptions applicable to these definitions. The two agencies are also seeking public input on the regulatory treatment of new or emerging financial products, which may include event contracts on prediction market platforms and perpetual futures/perpetual contracts. CFTC Chairman Michael S. Selig stated in a press release: 'Today's joint public request for comments provides an opportunity to address the long-standing regulatory ambiguities in Title VII of the Dodd-Frank Act. These ambiguities have been hindering fair competition and responsible innovation.' According to Title VII of the Dodd-Frank Act, the CFTC has regulatory authority over swap products, except for security-based swaps. SEC Chairman Paul Atkins also noted in a statement that clarifying certain definitions has become urgent, particularly regarding the regulatory classification of event-driven products.