CFTC backs prediction market Kalshi in appeals court fight against Ohio

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Source: Mike Selig “If States can restrict event contracts on sports, the Commission’s longstanding jurisdiction over these other event contracts could be imperiled too,” it wrote. “The Court should enforce the Commission’s exclusive jurisdiction and hold that Ohio cannot regulate event contracts traded on DCMs.” Related: Prediction market battle gets closer to Supreme Court The CFTC’s brief comes after it sued five states to assert its jurisdiction over prediction markets, launching action against regulators in Wisconsin, New York, Arizona, Connecticut and Illinois. The states had either sent cease-and-desist letters or had sued the prediction markets Kalshi, Polymarket, Crypto.com, Robinhood, and Coinbase, all of which are CFTC-regulated DCMs, over their offering of sports event contracts. “States cannot circumvent the clear directive of Congress,” Selig said last month after the CFTC sued Wisconsin. “Our message to Wisconsin is the same as to New York, Arizona, and others: if you interfere with the operation of federal law in regulating financial markets, we will sue you.” Magazine: Should users be allowed to bet on war and death in prediction markets? More on the subject

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