CFTC no-action letter eases event contract reporting rules

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CFTC no-action letter on prediction markets. Source: CFTC.gov The CFTC has multiple ongoing disputes with state lawmakers over prediction market jurisdiction. It sued five states in a bid to cement its authority over prediction markets, including lawmakers in Wisconsin, New York, Arizona, Connecticut and Illinois. Earlier in May, the CFTC said it received over 1,500 responses on a rule it proposed in March that would allow it to amend or issue new regulations for event contracts on prediction markets. The responses were mixed, with some state regulators calling for a stricter crackdown on prediction markets, while others, such as venture capital firm a16z, sided with the CFTC, arguing that state crackdowns on these platforms conflict with federal law and damage market access for ordinary users. Related: Kalshi, Polymarket face trading halt in Nevada after court rulings On March 12, the CFTC issued a staff advisory classifying event contracts on prediction markets as a “financial asset class,” Cointelegraph reported. Earlier in February, CFTC Chair Michael Selig publicly reiterated claims that the CFTC had “exclusive jurisdiction” over prediction markets. Magazine: Inside a 30,000 phone bot farm stealing crypto airdrops from real users More on the subject

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