Fantasy Sports App Sues CFTC as Prediction Markets Boom (1)

Fantasy sports app Sleeper Markets accused the US Commodity Futures Trading Commission of thwarting its efforts to become a futures commission merchant, a key step needed to enter the event predictions market.

The CFTC illegally meddled with the work of a self-regulatory organization in charge of approving the firm’s application, Sleeper said in a lawsuit filed in federal court in Washington. The company accused the agency and acting Chairman Caroline Pham of telling the National Futures Association to not approve its application and to divert it to the CFTC for review and approval.

“This case is about the CFTC flagrantly ...