Bloomberg Law
Sept. 12, 2022, 1:43 PM

PredictIt Sues US Regulator Over Move to Nix Contracts (Correct)

Lydia Beyoud
Lydia Beyoud
Bloomberg News

PredictIt, a market that American political junkies have long used to bet on elections, sued the main US derivatives regulator for revoking its legal authority to operate.

The platform said in a federal court filing on Friday that the Commodity Futures Trading Commission moved to halt trading in its contracts last month “arbitrarily, capriciously, and without legally required process.” The CFTC’s decision on Aug. 4 to revoke the authority that PredictIt had for years relied on sent shock waves through the political-gambling industry.

Read More: PredictIt Betting on US Elections Nixed by American Regulators

A CFTC representative declined to ...