CFTC sues Wisconsin over prediction market regulations
The Commodity Futures Trading Commission (CFTC) sued Wisconsin over its crackdown on prediction markets, arguing the federal regulator has exclusive jurisdiction. The CFTC has also sued other states, including New York, Arizona, Connecticut, and Illinois, over their efforts to regulate prediction markets.
The Commodity Futures Trading Commission (CFTC) has sued Wisconsin and key state officials over their recent crackdown on prediction markets. The agency argues that it has exclusive jurisdiction over the platforms. Wisconsin had sued five prediction markets - Coinbase, Kalshi, Robinhood, Polymarket, and Crypto.com - for allegedly running illegal sports betting operations. The CFTC has vowed to challenge state efforts to regulate the platforms. CFTC Chair Michael Selig stated that states cannot circumvent the clear directive of Congress. The CFTC has filed similar lawsuits against Arizona, Connecticut, Illinois, and New York.
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