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CFTC sues three states for trying to regulate prediction markets
The Commodity Futures Trading Commission (CFTC) is suing Illinois, Arizona, and Connecticut for attempting to regulate prediction markets, asserting its exclusive jurisdiction. The CFTC views these markets as trading in futures contracts, distinct from illegal gambling, while the states argue they are overstepping their authority. The lawsuit highlights ongoing disputes over the classification and oversight of prediction markets, with potential implications for market participants and regulatory frameworks.
Arizona attorney general sues Kalshi on illegal gambling charges
Arizona's Attorney General Kris Mayes has sued Kalshi, alleging the company operates an illegal gambling business by allowing bets on elections. Kalshi, which defines itself as a prediction market platform operating under the Commodity Futures Trading Commission, faces similar charges in Nevada and has been in the news due to an insider trading accusation involving an employee of YouTuber MrBeast.