Gary Gensler backs Ohio in dispute over federal sports betting oversight
Former CFTC and SEC chair Gary Gensler filed a court brief supporting Ohio in its dispute with Kalshi over whether sports-based contracts fall under federal derivatives law or state gambling rules, the report said. Kalshi argues that certain sports contracts are swaps subject to CFTC oversight; Gensler contends that the law was not intended to cover sports wagering. The appeals court is considering the issue, with states, tribal organisations and industry groups supporting state-level authority.
The court’s treatment of sports contracts could affect whether states or federal regulators oversee prediction-market betting.