By SectorWire desk ·
The report said that 44 state attorneys general opposed a proposed CFTC prediction market rule in a joint comment letter. They argued that federal regulation of sports prediction markets would exceed the agency’s legal powers.
The letter contests the CFTC’s proposed authority over sports prediction markets.
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The injunction request contests Tennessee’s application of wagering laws to Underdog’s event-contract exchange.
The dispute concerns whether states can apply gambling rules to sports-event contracts offered by federally regulated exchanges.
Dreitzer’s comments dispute the distinction used to separate sports-event contracts from conventional betting.
The dispute could affect whether prediction market operators face state gambling laws alongside federal oversight.
The outcome could determine whether prediction market operators can continue serving the US market under federal or state rules.
Kalshi’s proposed rule would allow financial penalties, suspension or account deactivation for users harassing athletes or third parties over trading.