The US Senate confirmed Michael Selig as chairman of the Commodity Futures Trading Commission on Thursday. Selig said courts should resolve whether sports event contracts fall under federal commodities rules or state gambling laws, while appeals in related cases remain pending.
Selig’s approach could shape federal oversight of sports event contracts while state gambling regulators challenge their legality.
The day’s most important stories, free. One email a day.
Ohio's Casino Control Commission confirmed that Robinhood, Gemini and Moomoo Financial had stopped offering new sports event contracts to Ohio customers, while Coinbase agreed to halt them by 13 November. The four firms join Plus500US in complying with cease-and-desist orders issued to 10 operators; two others have sued Ohio and three remain in discussions with the commission.
Ohio's Casino Control Commission confirmed that Robinhood, Gemini and Moomoo Financial had stopped offering new sports event contracts to customers in the state. Coinbase has agreed to halt its offerings by 13 November. The commission confirmed that Plus500US complied with its order on 21 October.
CFTC chair nominee Michael Selig told the Senate Agriculture Committee that he would follow court decisions on whether sports event contracts constitute gaming. Senators asked how he would address sports prediction markets if confirmed; a confirmation vote was scheduled for that afternoon.
Kalshi has written to the SEC asking it to hold off approving new binary options contracts from Cboe Global Markets until a public consultation concludes, according to a report by Valor. The contracts would be tied to corporate results metrics, a segment where Kalshi already offers event contracts under CFTC oversight. The request sharpens a jurisdiction dispute between the SEC and the CFTC.
Kalshi has asked the US Securities and Exchange Commission to delay approval of new binary options contracts from Cboe Global Markets, according to a report by Valor. The prediction-market platform made the request in a letter sent this month, signed by its compliance director, Sudhir Jain. The report says the move intensifies tension between event-betting platforms and traditional exchanges.
Kalshi and other prediction-market platforms are offering contracts on Super Bowl outcomes to California users, according to the report. It says trading on Super Bowl-related contracts reached hundreds of millions of dollars, while California officials and tribal gaming interests object to the platforms operating outside state gambling oversight.
Indian Gaming Association chairman David Z. Bean urged a House subcommittee to advance legislation and amend a separate bill to protect tribal sovereignty and state gaming laws from sports and casino-style wagering on prediction markets. He also called on Congress to oppose a pending Commodity Futures Trading Commission proposal that he said would remove restrictions on gaming-related event contracts.