The CFTC is asserting federal authority over fast-growing prediction markets with lawsuits against Illinois, Connecticut, and Arizona that challenge state regulation of the multibillion-dollar industry, J.J. McCorvey and Nicola M. White report.
- The agency is seeking injunctions against officials, including Illinois Gov. JB Pritzker and Connecticut Gov. Ned Lamont, as well as the states’ respective attorneys general and gaming boards.
- “This unprecedented measure by the CFTC is necessary to protect the exclusive jurisdiction” granted to the regulator by Congress, the agency said in a memo. Under the Trump administration, the commission has embraced prediction markets, an about-face ...