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CFTC sues New York to block enforcement against prediction markets

Regulation

The Commodity Futures Trading Commission filed a lawsuit in New York seeking to stop the state from taking enforcement action against CFTC-registered prediction market companies. The agency said New York has used cease-and-desist letters and civil suits against those entities. The case follows lawsuits brought by New York Attorney General Letitia James against Coinbase and Gemini over alleged illegal gambling services.

The case could affect how federal and state authorities regulate prediction market operators in New York.

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Regulation

CFTC seeks to block Connecticut prediction market enforcement

Reportedly, the federal government sought to prevent Connecticut from enforcing measures against prediction markets. Robinhood also sought to join the legal proceedings.

Connecticut's gambling laws should not be used against prediction markets, and the Commodity Futures Trading Commission (CFTC) is asking a federal judge to stop the state from doing so. A preliminary injunction motion was submitted by the agency on 11 September, court records show, in the US District Court for the District of Connecticut.

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