TechFlow News: On May 13, according to Cointelegraph, the U.S. Commodity Futures Trading Commission (CFTC) filed an amicus curiae brief with the U.S. Court of Appeals for the Sixth Circuit in support of Kalshi’s appeal in its litigation against the state of Ohio, asserting that prediction markets fall under the CFTC’s jurisdiction. The CFTC stated that Ohio’s prior demand that Kalshi cease offering sports event contracts constituted “jurisdictional overreach.” The CFTC further noted that if states were permitted to restrict sports event contracts traded on designated contract markets (DCMs), the CFTC’s long-standing regulatory authority over event contracts, swaps, and binary options markets could be undermined. The outcome of this case will also impact prediction market platforms such as Kalshi and Polymarket.
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