(Bloomberg) -- The Commodity Futures Trading Commission is asking Crypto.com and Kalshi Inc. to explain how their recently launched Super Bowl event contracts comply with derivatives regulations.

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The agency is allowed by statute to request additional information from companies that “self-certify” their financial products, including demonstrating that they aren’t readily susceptible to manipulation and meet other regulatory requirements. It can evaluate the responses and decide whether to take any enforcement actions or begin drafting a new rule.

“We are continuing to review the contracts in accordance with our regulations,” a CFTC spokesman said in an email. The agency announced last week that it would hold public roundtables on emerging issues in derivatives markets — including event contracts.

The regulator voted in January to put Crypto.com’s sports contracts under a special regulatory review to determine if they qualified as gaming, one of the categories that draw additional scrutiny over whether certain contracts are in the public interest. The CFTC is expected to vote by mid-April on whether to bar the contracts, though they continue to trade in the interim.

Kalshi’s contracts, launched three days after President Donald Trump’s inauguration, weren’t put under a similar review.

Representatives for Crypto.com and Kalshi declined to comment.

Caught Off Guard

Late last year, Crypto.com started offering sports-related event contracts, a type of derivatives contract that lets traders wager on a yes-or-no outcome on questions such as whether the Kansas City Chiefs or the Philadelphia Eagles will win the Super Bowl. The CFTC was caught off guard by the Dec. 23 launch.

The agency’s new inquiry comes as Robinhood Markets Inc. announced Monday it was debuting its own sports trading, via Kalshi’s exchange, for its Robinhood Derivatives clients.

“With an emerging asset class like event contracts, we recognize an opportunity to better serve our customers as their interests converge across the markets, news, sports and entertainment,” the company said in a statement Monday.

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