CFTC Takes Federal Side in Prediction Market Fight Against States
TL;DR
The CFTC, led by Chairman Michael Selig, filed a friend-of-the-court brief backing Crypto.com and arguing that prediction markets fall under federal regulation rather than state gambling laws, signaling a major stance in the clash over how these platforms should be regulated as states like Massachusetts and Nevada push restrictions and industry advocates tout the markets as financial exchanges under CFTC oversight, with Kalshi reporting large trading volumes such as for the Super Bowl.
- CFTC chief sides with prediction markets over state regulators in a high stakes court case NBC News
- Opinion | States Encroach on Prediction Markets The Wall Street Journal
- CFTC defends its right to prediction market enforcement as states challenge platforms CNBC
- Trump administration backs Kalshi, Polymarket as states move to ban prediction markets AP News
- Utah governor blasts Trump regulator for blessing prediction markets The Hill
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