44 US state attorneys general tell CFTC it has no power to regulate sports prediction markets.
A coalition of 44 state attorneys general sent a letter to the Commodity Futures Trading Commission arguing that the agency lacks authority to oversee sports betting on prediction market platforms, saying such regulation should be left to states.
Details
A coalition of attorneys general from 44 US states sent a letter to the Commodity Futures Trading Commission (CFTC) on Monday, arguing that the agency lacks the authority to regulate sports-related event contracts on prediction market platforms. The letter states that the CFTC's proposed rule on prediction market oversight exceeds its statutory power, conflicts with the Constitution, and is arbitrary. The attorneys general urge the CFTC to withdraw the rule and clarify that sports betting cannot be traded as designated contracts, leaving such regulation to state laws. The top legal officers from Florida, Georgia, New Hampshire, Missouri, and Texas did not sign the letter.
0000
Free trader toolsTrade with data, not guesses
CrypSpy is a free platform for crypto market analysis: signal levels, liquidation maps, volume clusters, a live market radar and trader forecasts. Open the chart and see the market the way professional traders do.
0
0
0
0