CFTC Faces More Pushback From States Over Prediction Markets (1)

The Commodity Futures Trading Commission is facing more opposition from states over the agency’s bid to be the sole regulator of prediction markets.

Utah Governor Spencer Cox said Tuesday that he would exhaust the resources of his office to push back against the CFTC after Chairman Michael Selig asserted the agency had “exclusive jurisdiction” over exchanges like Kalshi Inc. and Crypto.com.

At the core of the battle is whether prediction markets should be considered federally-regulated derivative exchanges, as the companies and the CFTC argue, or betting platforms regulated by the states.

“Mike, I appreciate you attempting this with a ...