CFTC challenges nine states over prediction market oversight
By The Weekly Edge desk ·
Summary
The CFTC has brought legal action against New York and eight other states over prediction market oversight, Online Poker Report reported. The Trump administration argues that the CFTC has exclusive jurisdiction, while a coalition of 44 states seeks state regulatory authority. New York sued Kalshi in July, alleging illegal gambling operations and avoidance of its 51% sports betting tax.
Why it matters
Operators face competing federal and state jurisdiction claims, alongside New York’s allegations against Kalshi over gambling and tax avoidance.