CFTC Sues States Over Prediction Markets
The CFTC is asserting federal authority over fast-growing prediction markets with lawsuits against Illinois, Connecticut, and Arizona that challenge state efforts to regulate the multibillion-dollar industry, J.J. McCorvey and Nicola M. White report.
The agency is seeking injunctions against officials, including Illinois Gov. JB Pritzker and Connecticut Gov. Ned Lamont, as well as the states’ respective attorneys general and gaming boards.
“This unprecedented measure by the CFTC is necessary to protect the exclusive jurisdiction” granted to the regulator by Congress, the agency said in a memo.
The complaints are the latest escalation in ...
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