TechFlow News: On April 3, according to Cointelegraph, the U.S. Commodity Futures Trading Commission (CFTC) jointly filed lawsuits with the Department of Justice against Illinois, Connecticut, and Arizona, asserting its exclusive jurisdiction over prediction market platforms under the Commodity Exchange Act (CEA). Previously, these three states had issued cease-and-desist orders to prediction market platforms such as Kalshi and Polymarket, accusing them of violating state gambling laws. CFTC Chairman Mike Selig stated that excessive state-level intervention has created market uncertainty and could adversely affect market participants. To date, 11 states have taken legal action against prediction market platforms, and Congress is advancing legislation to ban contracts tied to sports-related events and political insider participation in prediction markets.
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