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41 US attorneys general ask CFTC to exclude sports contracts from its jurisdiction

Regulation

A bipartisan coalition of 41 state attorneys general asked the CFTC to clarify through rulemaking that it lacks jurisdiction over sports-related prediction-market contracts. The coalition argues states should regulate the products under their gambling laws; the CFTC is reviewing how to classify and regulate prediction markets.

The jurisdictional dispute could determine whether states or federal regulators oversee sports-related prediction markets.

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Regulation

State attorneys general seek Supreme Court review of prediction market oversight

A group of 40 state attorneys general asked the US Supreme Court to consider New Jersey’s prediction markets dispute. New Jersey wants to reverse an appellate decision giving federal commodity-trading legislation priority over its gambling rules.

Forty state attorneys general, drawn from both parties and speaking for 39 states plus Washington, D.C., have signed an amicus brief asking the US Supreme Court to take up New Jersey's suit against prediction market operators. The filing backs New Jersey's effort to reverse a decision by a lower appellate court, which held that the state's gambling statutes were displaced by federal commodity-trading law.

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