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Utah Governor Blasts Trump Regulator for Blessing Prediction Markets
The CFTC argues event contracts are swaps, not gambling, defending its exclusive federal regulatory authority amid nearly 50 legal cases against prediction markets nationwide.
- On Tuesday, the Commodity Futures Trading Commission filed an amicus brief in the Ninth U.S. Circuit Court of Appeals supporting Crypto.com against Nevada regulators.
- Over the past year, the CFTC filed an amicus brief asserting federal authority and is stepping into nearly 50 active legal cases to prevent state encroachment, Selig said.
- In a Monday op-ed, Michael Selig argued event contracts serve economic functions as swaps under CFTC rules, and Kalshi said Super Bowl LX had more than $1 billion in trading volume.
- Political actors reacted with both support and objections, as Spencer Cox, Governor of Utah vowed to challenge the CFTC in court while twenty-three Democratic senators and roughly two dozen senators urged the agency to hold off intervening in pending litigation.
- The stakes include whether the CFTC preempts state laws and how platforms operate nationwide; if upheld, the Supreme Court could decide if federal authority overrules state regulation of prediction markets like Kalshi and Polymarket.
33 Articles
33 Articles
The political fight over prediction markets is heating up
CFTC Chairman Michael Selig is siding with prediction markets in their ongoing legal battles with state regulators.Andrew Harnik/Getty ImagesThe Trump administration is coming out swinging on the side of prediction markets.The top federal regulator is seeking to protect the companies from state-level regulation.That's generating blowback, including from some in the GOP.Prediction markets like Kalshi and Polymarket have a powerful new ally: the T…
Elizabeth Warren Rejects CFTC's Exclusive Authority Claim To Regulate Prediction Markets, Calls Them 'Gambling'
Senator Elizabeth Warren (D-Mass.) issued a scathing rebuke of the Commodity Futures Trading Commission (CFTC) on Wednesday, following Chairman Michael Selig's announcement that the federal agency would intervene in state-led lawsuits to defend the “exclusive jurisdiction” of prediction markets. Defending State Sovereignty Warren characterized the move by the Donald Trump-appointed chairman as a direct assault on the rights of individual states …
The CFTC and States Are at Odds Over Prediction Markets
"I don’t remember the CFTC having authority over the ‘derivative market’ of LeBron James rebounds,” Utah Gov. Spencer Cox posted on X. Hanna Schoenbaum/APThe Trump administration wants to shut out states from regulating prediction markets, and some states are already promising to fight back.After Commodity Futures Trading Commission Chair Mike Selig announced Tuesday that the federal government will seek exclusive jurisdiction over regulation of…
Utah governor blasts Trump regulator for blessing prediction markets
Utah Gov. Spencer Cox (R) ripped a top Trump administration regulator Tuesday over its push to defeat state efforts to regulate prediction markets. In a Tuesday post on social media, Cox criticized the Commodity Futures Trading Commission’s (CFTC) plans to fight against state laws and litigation meant to impose rules on prediction markets. “These prediction…
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