CFTC pulls Wisconsin into fight over prediction market jurisdiction

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Michael Selig speaking on stage at Bitcoin 2026 in Las Vegas on Monday. Source: YouTube Wisconsin sued the five companies on Thursday, and like many US state authorities, argued that prediction markets offering sports-related event contracts are illegal betting that requires state gaming licenses. It is an assertion the platforms and the CFTC have rebuffed in the past, arguing the contracts are regulated only under federal law. The CFTC argued in its latest complaint, filed alongside the Justice Department’s Civil Division in a Wisconsin federal court, that it has “exclusive jurisdiction” over the event contracts on prediction markets, regulated as designated contract markets under federal law. Related: With no bipartisan leadership, CFTC won't ‘slow down‘ on rulemaking “Wisconsin’s attempt to criminalize and shut down federally regulated markets intrudes on the exclusive federal scheme Congress designed to oversee national swaps markets,” the CFTC wrote in its complaint. The agency asked the court to rule that state gambling laws do not apply to CFTC-regulated designated contract markets and issue a permanent injunction prohibiting Wisconsin from taking action against prediction markets. The CFTC’s complaint also named Wisconsin Governor Anthony Evers, Wisconsin Attorney General Josh Kaul and the Wisconsin Gaming Division and its administrator, John Dillett. The Wisconsin Department of Justice, the state’s Division of Gaming and Governor Evers’ office were contacted for comment. Magazine: How to fix suspected insider trading on Polymarket and Kalshi

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