SvmuuThe U.S. Commodity Futures Trading Commission (CFTC) filed an amicus brief with the U.S. Sixth Circuit Court of Appeals, supporting prediction market platform Kalshi and pushing back against a lawsuit previously filed by the state of Ohio.
Ohio argues that Kalshi's prediction market operations constitute unlicensed sports betting, while the CFTC contends that these markets fall under federal regulatory authority and that states have no right to overstep those boundaries.
CFTC Chairman Michael Selig stated that the Ohio district court's previous interpretation of the CFTC's jurisdiction was "too narrow" and hopes the appellate court will correct this.
Over the past few months, the CFTC has sued states including Wisconsin, Illinois, Arizona, Connecticut, and New York to defend its regulatory authority over prediction markets. As platforms like Kalshi and Polymarket gain increasing popularity, the dispute over the regulatory boundary between federal and state governments continues to widen.