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