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CFTC sues New York State over control of prediction market regulation
Golden Finance reports that on April 27, according to The Wall Street Journal, the U.S. Commodity Futures Trading Commission (CFTC) filed a lawsuit in the Southern District of New York federal court, seeking a court ruling that the CFTC has exclusive regulatory authority over prediction markets to prevent suppression actions by New York State.
Previously, New York State had filed lawsuits against cryptocurrency exchanges Coinbase and Gemini over their prediction market businesses. The CFTC also filed lawsuits earlier this month against Arizona, Illinois, and Connecticut over similar issues, with jurisdiction disputes between federal and state regulators continuing to escalate.