According to CoinMeta, the Commodity Futures Trading Commission (CFTC) has submitted a court opinion in an insider trading case involving event contracts related to Polymarket, once again bringing the predictive market under regulatory scrutiny. The case involves a person who is accused of trading on non-public information within these event contracts. The involvement of the CFTC is crucial as it provides another opportunity for the agency to explain how event contracts comply with federal swap regulations, especially when the underlying market is related to political, geopolitical, or real-world outcomes. This case is not a typical crypto exchange matter; rather, it involves the intersection of crypto, predictive markets, derivatives law, and insider trading theories, which helps to understand how regulators may define boundaries. As the importance of event contracts continues to grow, so does market attention to elections, court rulings, economic data, policy outcomes, etc. The involvement of regulatory authorities indicates that event contracts are no longer being ignored. Predictive markets may be innovative, but they are not beyond the reach of regulation.