CFTC files brief to defend exclusive authority over US prediction markets
The CFTC filed an amicus brief asserting its exclusive federal oversight of prediction markets against state lawsuits.Summary
The Commodity Futures Trading Commission (CFTC) has filed an amicus brief to defend its exclusive federal jurisdiction over prediction markets, which involve betting on elections and economic events. CFTC Chair Michael Selig stated that Congress granted the agency broad power over commodity-based contracts, and this authority should not be challenged by states or other regulators. This legal action comes amid ongoing debates over regulatory boundaries, particularly as state regulators challenge platforms like Kalshi, Polymarket, and Crypto.com, accusing them of operating as unlicensed gambling platforms. Kalshi, which is a federally regulated Designated Contract Market, relies on its CFTC status as a defense against state claims, while Polymarket is currently facing scrutiny and lawsuits in several states.
(Source：Crypto Briefing)