CFTC

“Selig insists, implausibly but with the power of the government behind him, that the ability of American businesses to freely hedge their risks requires that Washington override all state regulation of sports betting.”

“New York sued Kalshi, alleging its prediction markets amount to unlicensed gambling and expose under-21 users to betting, while the CFTC filed an emergency motion arguing that federal law gives it exclusive authority over the platform.”

“If the CFTC prevails, it could preempt a wave of state-level restrictions on prediction markets — potentially unlocking the category for broader financial product development under a more permissive federal framework.”