CFTC and DOJ Sue 3 States as Jurisdiction Battle Raises Stakes for Prediction Markets – Regulation Bitcoin Information

CFTC-DOJ Lawsuits Goal State Management Over Prediction Markets Authority

The Commodity Futures Buying and selling Fee (CFTC), the U.S. derivatives regulator, and the Division of Justice (DOJ) filed lawsuits on April 2 towards three states focusing on prediction markets. The companies challenged Arizona, Connecticut, and Illinois, aiming to reaffirm unique federal jurisdiction over designated contract markets providing occasion contracts.

CFTC Chairman Michael S. Selig shared on social media platform X, emphasizing federal authority and up to date enforcement motion: “The CFTC has clear and longstanding unique jurisdiction to control prediction markets. However just lately, state regulators have tried to impose inconsistent and opposite obligations on CFTC-registered prediction markets.”