CFTC sues Rhode Island over actions against prediction markets
The CFTC has filed a lawsuit against Rhode Island regarding its actions against prediction markets. This lawsuit is part of a broader trend, with 18 states currently involved in litigation over such markets. CFTC Chairman Michael Selig emphasized the importance of maintaining the commission's exclusive regulatory jurisdiction in this area.
- ▪The CFTC is seeking to intervene in Rhode Island's existing lawsuit against prediction market platforms.
- ▪Eighteen states are currently engaged in litigation over prediction markets, with Minnesota moving to ban them outright.
- ▪CFTC Chairman Michael Selig criticized the actions of states as a power grab that undermines federal jurisdiction.
Opening excerpt (first ~120 words) tap to expand
"CFTC-registered exchanges have faced an onslaught of lawsuits seeking to limit Americans' access to event contracts and undermine the CFTC's sole regulatory jurisdiction over prediction markets," said CFTC Chairman Michael Selig in a press release announcing the lawsuit. "This power grab ignores the law and decades of precedent."The CFTC is seeking both to intervene in the state's existing lawsuit against platforms and filed its own complaint against Rhode Island. In all, 18 states are currently engaged in litigation over prediction markets. One of those states, Minnesota, has moved to outright ban them. In a social media post on Tuesday, President Donald Trump said it was critical that the commission's exclusive jurisdiction over prediction market regulation is maintained.
…
Excerpt limited to ~120 words for fair-use compliance. The full article is at CNBC — Top.
Discussion
0 commentsMore from CNBC — Top
