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CFTC secures temporary injunction against Arizona action on prediction markets

Regulation

A US District Court in Arizona temporarily barred the state from proceeding with legal action against prediction market providers after granting the CFTC’s injunction request, according to a media report. The order remains in effect until 24 April. The CFTC also named five initial members of its Innovation Task Force, which will work on regulatory frameworks including prediction markets and event contracts.

The injunction temporarily blocks Arizona action while the CFTC develops frameworks for prediction markets and event contracts.

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Regulation

New York judge questions CFTC bid to block state action against prediction markets

US District Judge Lorna G. Schofield questioned the CFTC's prospects of securing a preliminary injunction to prevent New York from enforcing gambling laws against event-contract platforms. At a 14 September hearing, the agency argued that the contracts fall under its exclusive authority; New York, the American Gaming Association and 44 state attorneys general oppose that position. Federal appeals courts have issued conflicting rulings, and the Supreme Court has been asked to resolve the dispute.

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