CFTC and states escalate legal dispute over authority to regulate prediction markets

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CFTC Chair Michael Selig said state-level criminal charges related to prediction markets have put platform executives at risk of imprisonment, and argued that the CFTC has exclusive jurisdiction over these markets. On November 13, the CFTC sued Louisiana; previously, Utah brought felony charges against Kalshi and two co-founders, the Third and Ninth Circuits issued rulings in opposite directions, and New Jersey officials petitioned the Supreme Court to hear the case.