CFTC sues Rhode Island officials over prediction-market jurisdiction
The US Commodity Futures Trading Commission filed a lawsuit against Rhode Island Attorney General Peter F. Neronha and Lottery Director Mark Curculo over state action concerning sports event contracts offered by Kalshi and Polymarket. The CFTC argues that the Commodity Exchange Act gives it exclusive authority over prediction markets; Neronha had previously sued the companies under Rhode Island gambling laws.
The competing suits could determine whether state gambling laws or federal oversight govern prediction-market sports contracts.