CFTC Sues New York Over bid to Apply Gambling Laws to Prediction Markets
Cointelegraph
The CFTC has sued New York to assert exclusive federal jurisdiction over prediction markets, challenging state-level attempts to regulate them as gambling.Summary
The Commodity Futures Trading Commission (CFTC) filed a lawsuit against New York to prevent the state from applying gambling laws to federally regulated prediction markets. The CFTC contends that federal law grants it exclusive regulatory authority over these platforms, seeking a permanent injunction to stop state enforcement actions. This move follows an ongoing conflict where several states have targeted platforms like Kalshi, arguing that federal financial regulations do not supersede state authority regarding gambling, age restrictions, and consumer protection.
(Source：Cointelegraph)