The U.S. Commodity Futures Trading Commission (CFTC) has filed a lawsuit against the state of Rhode Island to prevent the application of state gambling laws to CFTC-registered contract markets. The legal action, disclosed on May 29, aims to uphold the CFTC's exclusive jurisdiction over prediction markets, which it argues are commodity derivatives under its regulatory authority.
CFTC Chairman Michael S. Selig highlighted the challenges faced by CFTC-registered exchanges due to multiple lawsuits that threaten to limit U.S. participation in event trading. The CFTC maintains that the Commodity Exchange Act grants it sole jurisdiction over these markets, a stance it is defending against similar challenges in other states, including Arizona, Connecticut, Illinois, New York, and Minnesota.
CFTC Sues Rhode Island to Assert Control Over Prediction Markets
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