U.S. CFTC Sues New York State, Intensifies Jurisdictional Battle Over Prediction Markets

Asserting Exclusive Authority Through Litigation The U.S. Commodity Futures Trading Commission (CFTC) filed a lawsuit on the 24th in the Southern District Court of New York, aiming to halt New York State's attempts to regulate prediction markets through state law. New York has been trying to apply state law to operators of prediction markets registered with the CFTC, using cease and desist orders and civil lawsuits. The CFTC is seeking a ruling to confirm its exclusive federal authority over event contracts in prediction markets...