CFTC sues New York over state action against prediction markets
The US Commodity Futures Trading Commission filed a civil lawsuit against New York over the state’s efforts to regulate prediction markets, arguing that federal law gives it exclusive authority over certain exchange-traded derivatives. The CFTC is seeking an injunction against New York enforcement actions; Governor Kathy Hochul and Attorney General Letitia James said the state would continue defending its gambling laws.
The case challenges whether New York can enforce its gambling laws against prediction-market platforms regulated federally.