The NFL has picked a side in the fight over who regulates prediction markets, and it is not Washington.
📌 What happened
Per CoinDesk, the league filed a brief at the US Supreme Court backing states' power to regulate prediction markets. New Jersey has asked the court to take the case. Former SEC chair Gary Gensler and former Senator Chris Dodd also argue Congress never moved sports betting oversight to the CFTC.
🔍 Why it matters
• Kalshi and Polymarket want one federal regulator, the CFTC, instead of 50 state rulebooks
• Lower courts are split: one sided with Kalshi, two sided with states
• The NFL warns billions could be bet on its games each season and says the CFTC lacks the staff to police that
👀 What to watch
• Whether the Supreme Court agrees to hear the case
• The counter-argument: the CFTC says it engaged with the league from day one, and Kalshi says every other major league shares data with it, so the NFL may be the outlier
💬 Should prediction markets answer to federal or state regulators? Polymarket runs on Polygon, so $POL watchers have a stake too.
#PredictionMarkets #Regulation
📌 What happened
Per CoinDesk, the league filed a brief at the US Supreme Court backing states' power to regulate prediction markets. New Jersey has asked the court to take the case. Former SEC chair Gary Gensler and former Senator Chris Dodd also argue Congress never moved sports betting oversight to the CFTC.
🔍 Why it matters
• Kalshi and Polymarket want one federal regulator, the CFTC, instead of 50 state rulebooks
• Lower courts are split: one sided with Kalshi, two sided with states
• The NFL warns billions could be bet on its games each season and says the CFTC lacks the staff to police that
👀 What to watch
• Whether the Supreme Court agrees to hear the case
• The counter-argument: the CFTC says it engaged with the league from day one, and Kalshi says every other major league shares data with it, so the NFL may be the outlier
💬 Should prediction markets answer to federal or state regulators? Polymarket runs on Polygon, so $POL watchers have a stake too.
#PredictionMarkets #Regulation