Michigan federal judge rules sports prediction markets are not under CFTC regulation, Polymarket loses lawsuit injunction request

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BlockBeats News, June 18 — A federal judge in Michigan has ruled that sports-related prediction market trades do not constitute swaps regulated by the CFTC, and therefore are outside its regulatory authority.

The court also dismissed the prediction market platform Polymarket's request to prevent Michigan regulators from restricting its sports event contracts, stating that the platform "is likely to be unable to succeed on the merits of the case."

The ruling states that the relevant sports prediction contracts are closer to illegal sports betting rather than federal derivatives market products. The case will proceed to the Sixth Circuit Court of Appeals and may ultimately be appealed to the U.S. Supreme Court.

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