CFTC challenges state authority over prediction markets in New York and Massachusetts
The CFTC filed a lawsuit in New York and an amicus brief in Massachusetts to defend its asserted authority over prediction markets. It seeks a ruling that federal law gives it exclusive jurisdiction over event contracts and an injunction blocking New York from applying state gambling laws to CFTC registrants; the Massachusetts filing supports Kalshi in its case there.
The filings may determine whether states can apply gambling laws to CFTC registrants offering event contracts.