U.S. CFTC adds New York to string of states its suing to stop prediction market pushback
CoinDesk
The U.S. CFTC is suing New York to assert exclusive federal jurisdiction over prediction markets, challenging state-level attempts to regulate them as gambling.Summary
The U.S. Commodity Futures Trading Commission (CFTC) has filed a lawsuit against New York to protect its authority over prediction market firms, arguing that federal law grants it exclusive jurisdiction over commodity futures and swaps. This action follows state-led lawsuits against companies like Coinbase, Gemini, and Kalshi, which seek to classify these contracts as illegal gambling. CFTC Chairman Mike Selig maintains that state interference undermines federal oversight, while a coalition of 37 state attorneys general argues that federal preemption policies threaten their ability to protect citizens from unregulated betting markets.
(Source：CoinDesk)