The CFTC sues Arizona, Connecticut, and Illinois over their actions against prediction markets, saying it has the “exclusive” authority to regulate such markets
A federal commission on Wednesday announced lawsuits against three states over its ability to exclusively regulate prediction markets.
CNBC Alex Harring
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Discussion
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@chairmanselig
Mike Selig
on x
The @CFTC has clear and longstanding exclusive jurisdiction to regulate prediction markets. But recently, state regulators have tried to impose inconsistent and contrary obligations on CFTC-registered prediction markets. In response, the CFTC and @TheJusticeDept today filed three
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@chairmanselig
Mike Selig
on x
Arizona, in addition to issuing cease and desist letters, has also brought criminal charges against a CFTC-registrant for listing event contracts that are legal under CFTC statute and regulations.
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@givnerariel
Ariel Givner
on x
🚨 THIS IS A FIRST!!! The CFTC just sued Illinois to block the state's attempt to regulate platforms like Kalshi and Polymarket. Illinois Gaming Board sent cease-and-desist letters, calling them unlicensed sports wagering under state gambling laws.
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@wallachlegal
Daniel Wallach
on x
If the CFTC is suing Illinois on the basis of a C&D letter sent one year ago, get ready for more federal lawsuits vs. other states that have sent C&D letters. But by doing so, the CFTC may have unwisely given the States standing to sue over non-enforcement of Rule 40.11(a)(1). [i…
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@chairmanselig
Mike Selig
on x
Specifically, both Connecticut and Illinois have issued cease and desist letters to CFTC-regulated exchanges to stop trading in sports-related event contracts within their states, despite those exchanges acting in accordance with CFTC statute and regulations and being exclusively
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@sam_mcquill
Sam McQuillan
on x
Illinois: if you want to offer sports betting here please just follow our laws as the Supreme Court ruled The Trump Admin: ONLY A SEVERELY UNDERSTAFFED FEDERAL AGENCY HAS THE RIGHT TO REGULATE FINANCIAL DERIVATIVES TRADING AND MAKING KALSHI PAY TAXES THREATENS THE VERY FABRIC [im…
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@wallachlegal
Daniel Wallach
on x
Another unintended consequence of the CFTC's federal lawsuit vs. Illinois is that it could undermine and derail agency rulemaking on sports-event contracts if the Court concludes (as it should) that Congress never intended to allow the CFTC to regulate sports gambling.
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@dustingouker
Dustin Gouker
on x
This is amazing. One of the DOJ lawyers on CFTC vs. Illinois on prediction markets was a lawyer for Kalshi in the CFTC vs Kalshi case on election betting 😂 [image]
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@tphillips
Todd Phillips
on x
The CFTC shouldn't be using its limited number of litigators to act as prediction markets' lawyers. https://www.reuters.com/...
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@formercftcgc
Rob Schwartz
on x
Plot twist! To my knowledge, this suit by the CFTC against Illinois and a parallel action against Connecticut to block those states from applying their gambling laws to prediction markets are unprecedented. “See you in court” indeed! @ChairmanSelig [image]
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@adamscochran
Adam Cochran
on x
@SenBlumenthal What nonsense. If a federal regulator feels their authority vested to them by Congress in law, is questioned, then the ONLY proper venue to resolve that is in court because of the Supremacy Clause. When states try and pass laws banning access to federally approved …
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@hadickm
Rob Hadick
on x
We are going to continue to see a lot more of this. The federal government is going to assert its congressional given right to regulate these markets.
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@predictaction
@predictaction
on x
Federally-regulated financial products that trade on exchanges should not be handed over to a 50-state regulatory patchwork intended for casino gambling. The @CFTC has exclusive jurisdiction over prediction markets and the enforcement expertise to deliver strong oversight as this
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@claytravis
Clay Travis
on x
This feels like it will end up at the Supreme Court. Central question, do states or the federal government control sports gambling/prediction markets?
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@adamscochran
Adam Cochran
on x
Whether you like it or not, the federal supremacy clause means that if something falls under a federal regulation by law of Congress - no state can reclassify it. They can choose not to enforce a federal law, but they cannot choose to replace it.
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@dustingouker
Dustin Gouker
on x
The danger for the CFTC is turning an already hot-button issue and morphing it into a full-blown war with states, both blue and red. Illinois was mostly minding its business and now the state is latching onto the policy of an increasingly unpopular president. Good luck!
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@benhorney
Ben Horney
on x
NEWS: The CFTC has sued the state of Illinois, its gaming board, and state officials over attempts to prohibit prediction markets. This is a major escalation, it's the first suit brought by the gov't against a state that has tried to rein in the industry. Story to come @FOS
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@forthewynn_
Sarah Wynn
on x
🔔 Another update here — a spokesperson for Gov. Pritzker said the state would continue to fight to protect Illinois consumers. “The Trump Administration is carrying water for companies driving well-documented and lucrative insider trading schemes,” the spokesperson said. “These
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@bobbyallyn
Bobby Allyn
on x
Pretty extraordinary: Trump's CFTC suing the state of Illinois on behalf of the prediction market industry alleging that Illinois' attempt to enforce state gambling laws “intrudes” on federal government's “exclusive jurisdiction” https://www.documentcloud.org/ ...
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@eleanorterrett
Eleanor Terrett
on x
🚨NEW: The @CFTC is taking Illinois and @GovPritzker to court, arguing the state overstepped by trying to block prediction market platforms it says fall under exclusive federal oversight. It's also suing Arizona and Connecticut over similar efforts. This marks the latest [image]
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@benhorney
Ben Horney
on x
NEW: In February, CFTC chairman @ChairmanSelig told those who might seek to challenge the regulator's authority in prediction markets “we will see you in court.” He made good on that threat Thursday with suits against Illinois, Connecticut, and Arizona. https://frontofficesports.…
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@nickdevor_
Nick Devor
on x
Selig's total 180 on the CFTC weighing in on sports event contracts is one of the more remarkable parts of this ongoing saga, imo. [image]
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@ewess92
Eric W.
on x
Can States regulate sports gambling, when the sports gambling is done as event contracts regulated by the Commodity Futures Trading Commission? Well, the CFTC has sued Illinois to find out. CFTC argues state gambling laws are preempted by federal regulations. Fascinating dispute!…
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@rvangrack
Ryan VanGrack
on x
The @CFTC just sent a clear message to the states: hands off derivatives. Suing IL, CT, & AZ isn't only about prediction markets—it's about defending “exclusive” federal jurisdiction & ensuring market integrity. National markets, national regulator. @ChairmanSelig @coinbase
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@cftc
@cftc
on x
.@CFTC Sues Trio of States to Reaffirm its Exclusive Jurisdiction Over Prediction Markets: https://www.cftc.gov/...
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@blumenthal.senate.gov
Richard Blumenthal
on bluesky
CFTC Chair Selig promised he'd stay out of CT & other states' lawsuits over prediction markets. Instead, he's shown himself a crony of Kalshi, using the CFTC to bully states on their behalf. www.cftc.gov/PressRoom/Pr...
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r/politics
r
on reddit
Trump admin sues states to stop regulation on prediction markets