CFTC and DOJ sue three states over prediction market oversight

cryptonews04-03

The United States Commodity Futures Trading Commission and the Department of Justice have filed lawsuits against Illinois, Connecticut, and Arizona over the federal government’s authority to regulate ...

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href=https://crypto.news/cftc-and-doj-sue-three-states-over-prediction-market-oversight/><strong>cryptonews</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The United States Commodity Futures Trading Commission and the Department of Justice have filed lawsuits against Illinois, Connecticut, and Arizona over the federal government’s authority to regulate ...</p>\n\n<a href=\"https://crypto.news/cftc-and-doj-sue-three-states-over-prediction-market-oversight/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"CEA","symbol_name":"东方航空","start_time":0,"source_url":"https://crypto.news/cftc-and-doj-sue-three-states-over-prediction-market-oversight/","article_id":"2624512486","we_media_id":null,"thumbnails":[],"rights":{"source":"crypto_news_highlight","url":"https://crypto.news/cftc-and-doj-sue-three-states-over-prediction-market-oversight/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2624512486","pubTimestamp":1775211288,"columns":[],"sourceInfo":{"source_id":"crypto_news_highlight","name":"Crypto News"},"weMediaInfo":null,"summary":"The United States Commodity Futures Trading Commission and the Department of Justice have filed lawsuits against Illinois, Connecticut, and Arizona over the federal government’s authority to regulate prediction markets.The CFTC and Department of Justice have sued three states, arguing that prediction markets fall under exclusive federal derivatives oversight.Illinois and other states had issued cease and desist orders, claiming event contracts violated local gambling laws and licensing rules.In the lawsuits, the CFTC maintains that it has “exclusive jurisdiction” to regulate “Designated Contract Markets ,” which it says extend to prediction platforms under the Commodity Exchange Act .Per the regulator, Illinois’s move to shut down such platforms “intrudes on the exclusive federal scheme Congress designed to oversee national swaps markets, prompted by the evolution of national financial markets and repeated conflicts with state law.”“Unless restrained and enjoined by the court, defendan","collect":0,"end_time":0,"defaultTopTitle":"crypto.news","property":[],"viewcount":null,"language":"en","relate_stocks":{"CEA":"东方航空","BK4008":"航空公司","BK4500":"航空公司"},"translate_title":"CFTC和DOJ就预测市场监管起诉三个州","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CEA":1},"content_text":"The United States Commodity Futures Trading Commission and the Department of Justice have filed lawsuits against Illinois, Connecticut, and Arizona over the federal government’s authority to regulate prediction markets.\n\n\nSummary\n\n\n\nThe CFTC and Department of Justice have sued three states, arguing that prediction markets fall under exclusive federal derivatives oversight.\nIllinois and other states had issued cease and desist orders, claiming event contracts violated local gambling laws and licensing rules.\n\n\n\nAccording to a complaint filed against Illinois Governor JB Pritzker, Attorney General Kwame Raoul, and the Illinois Gaming Board, the state gaming board improperly classified event contracts as “wagers” or “sports betting” instead of swaps.\nIn the lawsuits, the CFTC maintains that it has “exclusive jurisdiction” to regulate “Designated Contract Markets (DCMs),” which it says extend to prediction platforms under the Commodity Exchange Act (CEA).\nPer the regulator, Illinois’s move to shut down such platforms “intrudes on the exclusive federal scheme Congress designed to oversee national swaps markets, prompted by the evolution of national financial markets and repeated conflicts with state law.”\n“Unless restrained and enjoined by the court, defendants are likely to continue their attempts to subvert federal law and the exclusive jurisdiction to regulate event contract swaps conferred on the CFTC by Congress,” the lawsuit added.\nThe case stems from cease and desist letters issued by the states and their gaming regulators last year against platforms including Kalshi and Polymarket. The letters claimed that the contracts violated local gambling laws and licensing requirements.\nCommenting on the developments, CFTC Chairman Mike Selig described the actions as “aggressive and overzealous attempts to overstep the CFTC,” in a separate statement after the lawsuits were filed.\n“Our action today is meant to ensure we are able to effectively regulate the markets that Congress intended us to exclusively oversee,” he added.\nState regulators take legal action\nOver the past year, at least 11 U.S. states, including Arizona, Nevada, Illinois, Maryland, New Jersey, Montana, Ohio, Connecticut, Tennessee, New York, and Massachusetts, have filed actions against prediction market operators.\nSimultaneously, some lawmakers are advancing legislative proposals that would ban sports-related event contracts, while others seek to restrict participation in prediction markets tied to war.\nDespite the legal pressure, prediction markets are witnessing rapid growth. As previously reported by crypto.news, transaction activity surged, with volumes increasing by more than 2,800% from the same period last year.\n\n\n\n\n\n                Read more:\n            \n\n                Polymarket traders now price 65% odds WTI hits $120 in 2026","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.40.0","shortVersion":"4.40.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2624512486","isCrawlerRequest":true}