US EditionFederal-State Showdown Looms over Regulation of Prediction Markets
The CFTC says 14 states have moved against prediction markets as it seeks a ruling that federal law gives it exclusive oversight.
- The Commodity Futures Trading Commission filed lawsuits Monday challenging actions by Arizona, Connecticut, and Illinois against federally regulated operators Kalshi and Polymarket.
- Claiming exclusive oversight, the CFTC argues that fragmented state regulations increase fraud risks, stating "Congress long ago decided that rules for commodity trading should be the same nationwide."
- DOJ attorney Tiberius Davis wrote that "Defendants are likely to continue their attempts to subvert federal law," asking the Court to clarify authority over event contract swaps.
- Sports gambling attorney Daniel Wallach noted Sunday that states have won 14 of 16 preliminary rulings against prediction markets, highlighting ongoing legal friction.
- A New Jersey circuit court ruled Monday that prediction markets likely fall under federal jurisdiction, though one dissenting judge called them "virtually indistinguishable from sportsbooks.
26 Articles
26 Articles
CFTC Sues 3 States Over Authority to Regulate Prediction Markets
WASHINGTON D.C (VINnews)-The Commodity Futures Trading Commission said it was suing Arizona, Connecticut and Illinois over WASHINGTON D.C (VINnews) – The Commodity Futures Trading Commission is suing Arizona, Connecticut and Illinois in a dispute over federal authority to regulate prediction markets, as the fast-growing betting platforms draw increasing scrutiny from lawmakers. The agency said the […]
InsideNoVA.com
Federal-state showdown looms over regulation of prediction markets
(The Center Square) – The federal government is telling states to back off attempts to regulate prediction markets after several states took legal action to block the federally regulated markets from operating in their states.
CFTC Chair Selig: States are attempting to 'nullify federal law' by limiting prediction markets
CFTC Chair Michael Selig joins 'Squawk Box' to discuss the agency's decision to sue states over proposed ban on sports and election betting on prediction markets, what happens if rules are interpreted differently under different administrations, and more.
Federal-state showdown looms over regulation of prediction markets - Regional Media News
(The Center Square) - The federal government is telling states to back off attempts to regulate prediction markets after several states took legal action to block the federally regulated markets from operating in their states. At the center of the dispute is whether states or the federal government should have the final say over prediction markets, which allow people to bet on real-world outcomes such as sports and elections. As states ramp up e…
CFTC Takes Prediction Market Fight to Three States
The Commodity Futures Trading Commission filed lawsuits against Arizona, Connecticut, and Illinois regarding prediction markets The commission filed lawsuits reaffirming its jurisdiction to regulate event contracts under the Commodity Exchange Act Chairman Michael S. Selig said the commission will continue to safeguard its authority over the markets The Commodity Futures Trading Commission is no longer sitting on the sidelines for the fight of r…
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