CFTC escalates prediction-market fight as states bring criminal charges
REGULATIONCommodity Futures Trading Commissioncoinbrief/daily · 1 source
- Severity
- High
- Sources
- 1
What happened
CFTC chair Michael Selig says state criminal charges against prediction-market executives are "really egregious", and the CFTC has sued Louisiana after a state judge ordered more than 30 CFTC-linked companies to stop operating there. Utah filed felony charges against Kalshi and its two cofounders in October, and 44 state attorneys general argue that sports contracts are not derivatives. New Jersey has asked the Supreme Court to decide whether the Dodd-Frank Act blocks states from enforcing gambling laws against these contracts, and the appeals courts are split. Selig says the CFTC has exclusive jurisdiction.
For IT people · Written by AI from 1 source · Wrong?
What to do
- Monitor whether the Supreme Court agrees to hear the New Jersey case on Dodd-Frank preemption.
Written by AI from the sources, checked against them
Full story timeline · 1 update
Who reported · 1 outlet
Cryptopolitan
Who and what is in it
Companies
Government agencies