Regulator Sues a State to Save Prediction Markets
The US Commodity Futures Trading Commission sued Utah, filed October 26, announced October 27. Its 33-page complaint asks a federal court to block Utah from enforcing state law against registered prediction-market exchanges, affiliates and partners.
Utah sued Kalshi on October 20, calling it an online casino and seeking 30.6 million to 61.2 million dollars in fees, plus geolocation blocks. CFTC Chairman Michael Selig says Congress gave the CFTC sole responsibility over these markets, and event contracts inform the public.
Why it matters: prediction markets sit beside crypto derivatives under federal oversight, and Binance has entered this space with Binance Pick and the PREDICT pre-market contract. Utah is the tenth state the CFTC has challenged.
Caveat: nothing is decided. Utah won an August ruling, Kalshi's appeal is pending, and appeals courts are split two-to-one for states. Not financial advice, do your own research.
Should one federal regulator overrule 50 state laws?
$BTC TC $PREDICT EDICT $BNB B
#CFTC #PredictionMarkets #Kalshi #CryptoRegulation #CryptoNews
The US Commodity Futures Trading Commission sued Utah, filed October 26, announced October 27. Its 33-page complaint asks a federal court to block Utah from enforcing state law against registered prediction-market exchanges, affiliates and partners.
Utah sued Kalshi on October 20, calling it an online casino and seeking 30.6 million to 61.2 million dollars in fees, plus geolocation blocks. CFTC Chairman Michael Selig says Congress gave the CFTC sole responsibility over these markets, and event contracts inform the public.
Why it matters: prediction markets sit beside crypto derivatives under federal oversight, and Binance has entered this space with Binance Pick and the PREDICT pre-market contract. Utah is the tenth state the CFTC has challenged.
Caveat: nothing is decided. Utah won an August ruling, Kalshi's appeal is pending, and appeals courts are split two-to-one for states. Not financial advice, do your own research.
Should one federal regulator overrule 50 state laws?
$BTC TC $PREDICT EDICT $BNB B
#CFTC #PredictionMarkets #Kalshi #CryptoRegulation #CryptoNews
