CFTC sues three states for trying to regulate prediction markets

The US Commodity Futures Trading Commission is suing Illinois, Arizona and Connecticut for attempting to outlaw or regulate prediction markets like Kalshi and Polymarket. The CFTC believes it has sole jurisdiction to regulate these platforms, and that states attempting to classify them as illegal gambling are overstepping their authority.CFTC defines prediction markets as “designated contract markets” where futures contracts are traded, essentially letting people bet on the outcome of events (fo...