Former SEC Chairman and former CFTC Chairman Gary Gensler submitted an amicus brief to the Sixth Circuit Court of Appeals, stating that federal law does not grant the CFTC authority to regulate sports-related prediction markets, and that sports prediction markets should not take precedence over state sports betting regulations. Gensler stated that sports betting contracts are not included in the definition of "swaps" under the Dodd-Frank Act, nor do they constitute hedging against economic risks. Last month, the CFTC submitted a brief claiming that any event contracts traded on designated contract markets under its regulation are considered swaps. Currently, courts across different jurisdictions have divergent rulings, and this issue may ultimately be reviewed by the U.S. Supreme Court. (CoinDesk)