New York judge questions CFTC bid to block state action against prediction markets
US District Judge Lorna G. Schofield questioned the CFTC's prospects of securing a preliminary injunction to prevent New York from enforcing gambling laws against event-contract platforms. At a 14 September hearing, the agency argued that the contracts fall under its exclusive authority; New York, the American Gaming Association and 44 state attorneys general oppose that position. Federal appeals courts have issued conflicting rulings, and the Supreme Court has been asked to resolve the dispute.
The case could affect whether states can apply gambling rules to prediction-market event contracts.