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US senators urge CFTC to stay out of prediction-market court cases

Regulation

More than 20 US senators, led by Adam Schiff and Catherine Cortez Masto, urged the CFTC on 13 February to avoid intervening in court cases over prediction markets. Their letter called for the agency to maintain prohibitions on event contracts involving gaming, war, terrorism and assassination, while the CFTC chairman has said staff should reassess participation in pending cases.

The dispute may affect how federal oversight of sports and other event contracts interacts with state and tribal protections.

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Regulation

Kalshi cases await Supreme Court review decision over sports event contracts

The US Supreme Court has yet to decide whether to review prediction market litigation involving Kalshi. Legal observers warned that declining review could leave conflicting appeals court decisions unresolved and operators facing separate state disputes over the regulatory status of sports event contracts.

A report dated 12 October 2026 notes that the justices have so far given no indication of whether they will take up the Kalshi prediction market disputes. In the view of legal observers quoted in that report, refusing the petitions would probably push operators into a state-by-state contest over sports event contracts that varies from jurisdiction to jurisdiction.

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