CFTC and the states vie for jurisdiction over prediction markets
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The legal dispute between the CFTC and U.S. states over regulatory authority for prediction markets continues to escalate. Previously, Utah brought felony charges against Kalshi and its two co-founders, with the related state-level criminal charges exposing the platform’s executives to the risk of imprisonment. The Third Circuit and the Ninth Circuit have issued conflicting rulings, after which New Jersey officials petitioned the U.S. Supreme Court to hear the case. On November 13, the CFTC sued Louisiana. CFTC Chairman Michael Selig said that the CFTC has exclusive jurisdiction over the prediction markets at issue.
AI-written from reports · updated 13 hours ago
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- CryptopolitanSelectedCFTC and states escalate legal dispute over authority to regulate prediction markets
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.
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