SectorWire
SearchGet the daily briefing
Menu

CFTC sues Arizona, Connecticut and Illinois over prediction-market rules

Regulation

The CFTC and US Department of Justice filed lawsuits against Arizona, Connecticut and Illinois on 2 April over state actions concerning prediction markets, according to reports. The complaints seek to halt further state action and clarify federal authority over event contracts. CFTC chairman Michael S. Selig said the agency would defend its regulatory authority.

The cases could determine whether state gambling frameworks apply to sports-related event contracts offered in those markets.

Request a correction

Keep reading

Regulation

CFTC secures temporary injunction against Arizona action on prediction markets

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.

Continue reading