Gensler challenges CFTC backing for sports event contracts
Former CFTC chairman Gary Gensler argued during an Indian Gaming Association webinar that sports event contracts do not meet the definition of swaps and that federal law does not displace gaming laws. The dispute is part of litigation involving Kalshi before the Sixth Circuit Court of Appeals; prediction-market firms argue that the CFTC has exclusive authority over the contracts.
The competing interpretations could affect how sports event contracts are regulated across US jurisdictions.