The battle over the boundaries between federal and state authority over event contracts has moved beyond lawsuits and into public statements.
CFTC Chair Michael Selig previously called Louisiana’s lawsuit “a naked legal war.” The state’s Attorney General, Liz Murrill, responded around noon on Saturday, calling the remark “completely untrue” and noting that state-level regulation in this area has been in place for more than 200 years.
The dispute centers on who has the authority to define the nature of these contracts. Federal agencies argue for a uniform set of rules, while the state side points to a tradition of local enforcement. The two sets of powers overlap across the same products, and any action by one side directly changes the other’s compliance costs.
This dispute won’t end with a single ruling. It will first change the order in which issuers roll out new products: they’ll look at which jurisdiction grants approval, then decide how to write the contracts.
#监管 #预测市场 #Event Contracts
CFTC Chair Michael Selig previously called Louisiana’s lawsuit “a naked legal war.” The state’s Attorney General, Liz Murrill, responded around noon on Saturday, calling the remark “completely untrue” and noting that state-level regulation in this area has been in place for more than 200 years.
The dispute centers on who has the authority to define the nature of these contracts. Federal agencies argue for a uniform set of rules, while the state side points to a tradition of local enforcement. The two sets of powers overlap across the same products, and any action by one side directly changes the other’s compliance costs.
This dispute won’t end with a single ruling. It will first change the order in which issuers roll out new products: they’ll look at which jurisdiction grants approval, then decide how to write the contracts.
#监管 #预测市场 #Event Contracts
