CFTC sues New York over bid to apply gambling laws to prediction markets

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37 states back Massachusetts in amicus brief. Source: New York Gov The states also argue that removing state oversight would weaken protections. State laws currently handle licensing, age limits, fraud prevention, and gambling addiction, which are areas not covered by federal financial regulation. Related: US appeals court upholds preventing New Jersey enforcement against Kalshi State officials have taken a more aggressive stance against prediction markets in recent months, issuing cease-and-desist letters and pursuing legal action against firms offering prediction contracts. States like Arizona, Connecticut and Illinois are seeking to enforce gambling laws against prediction platforms. Earlier this month, a Nevada judge extended a ban preventing Kalshi from offering event-based contracts in the state, siding with regulators who argue the products amount to unlicensed gambling. Magazine: How to fix suspected insider trading on Polymarket and Kalshi

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