17 Democrats Urge Senate Appropriators to Block CFTC Funding for Prediction Market Lawsuits
Seventeen Democratic senators are urging the Senate Appropriations Subcommittee to block the Commodity Futures Trading Commission from using federal funds to sue state and tribal authorities over their attempts to regulate prediction markets. The request, reported Thursday, escalates the jurisdictional dispute between federal regulators and state lawmakers over event-contract platforms.
The letter targets CFTC Chair Michael Selig’s enforcement actions, which have already resulted in lawsuits against at least nine states, including Kentucky. The push comes as prediction market operator Kalshi sues Illinois Gov. J.B. Pritzker and state officials over a new bill implementing a regulatory regime ahead of its July 1 enforcement date.
From the sources (7 posts)
@theblockcoKalshi sues Illinois, Pritzker over state bill implementing prediction markets regulatory regime
@wallachlegalI've been saying literally for months that state legislation to ban sports prediction markets is both a time-waster and counterproductive because it will drag those States involuntarily into federal court where they are limited to playing d
@coindeskLATEST: @Kalshi sues Illinois Governor Pritzker and state officials over its new prediction market law, arguing federal CFTC oversight takes precedence ahead of its July 1 enforcement date.
@coinmarketcapLATEST: 🇺🇸 The CFTC sued Kentucky, its ninth state target, after the state sued Kalshi and Polymarket for allegedly operating illegal gambling platforms.
@coinmarketcapLATEST: 🇺🇸 17 Democratic senators are urging the Senate Appropriations Subcommittee to block CFTC Chair Michael Selig from using federal funds to sue state authorities over prediction market oversight.
@cointelegraph🇺🇸 LATEST: A group of 17 Democratic senators is urging Congress to block the CFTC from using federal funds to sue states over prediction market regulation.
@declanhartyFrom today's Morning Money — A group of Senate Democrats wants appropriators to bar the CFTC from using federal funds to sue states, tribes over their attempted crackdowns on the prediction markets.