the Commodity Futures Trading Commission The CFTC filed an amicus brief on Tuesday (May 12) asserting its exclusive jurisdiction over prediction markets.
The Commodity Futures Trading Commission (CFTC) filed the brief in Legal battle Between market forecasting everything and Ohio State, according to Tuesday press release From the Commodity Futures Trading Commission.
The filing sets out the regulatory scheme designed by Congress and details how that scheme preempts state laws as applied to markets regulated by the Commodity Futures Trading Commission (CFTC), according to the statement.
“The federal district court in Ohio took an inappropriately narrow view of the Commission’s jurisdiction, and we are asking the Court of Appeals to correct that error,” the CFTC Chairman said. Michael S. Selig he said in the release. “As I have said repeatedly, the CFTC will not allow overzealous state governments to undermine the agency’s longstanding authority over these markets.”
The filing is the latest step in the CFTC’s efforts to protect its jurisdiction over prediction markets from state encroachment. The regulator filed lawsuits against five states — Arizona, Connecticut, Illinois, New York and Wisconsin — and obtained a preliminary injunction against state regulation of prediction markets regulated by the Commodity Futures Trading Commission (CFTC) in Arizona.
In the Arizona case, the judge issued a temporary restraining order preventing Arizona from pursuing criminal charges against her Contract markets Governed by the CFTC. The state’s attorney general had filed criminal charges against Calci, alleging that the company violated state laws prohibiting the operation of unlicensed betting businesses and which prohibit betting on elections.
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In another case, a federal appeals court ruled for the first time that the CFTC has exclusive jurisdiction over sports-related matters. Event contracts. The decision came in a case in which Calci sued New Jersey after the state sent the company a cease-and-desist letter saying contracts for sports-related events violated its gambling laws. Calci argued that its event contracts could only be regulated by the Commodity Futures Trading Commission (CFTC).
In the CFTC’s separate lawsuits against Arizona, Connecticut and Illinois, filed in April, the regulator asserts that the states have taken actions that intrude the CFTC’s exclusive jurisdiction into the regular system. Prediction markets. The CFTC said at the time in a press release that the three states attempted to regulate, prohibit or restrict the activities of specific contract markets registered with the CFTC that facilitate trading in legal event contracts.
