Former SEC, CFTC Chair Gary Gensler argues that prediction markets don’t overrule state regulations
The former regulator joined a number of interest groups in arguing that prediction markets are overstepping their bounds by offering sports-related contracts.
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Summary
- Former CFTC and SEC Chair Gary Gensler filed an amicus brief to an appeals court arguing that federal law does not give his former agency — the CFTC — authority to oversee prediction markets tied to sports.
- A number of other entities similarly filed friend-of-the-court briefs arguing that sports-related prediction markets infringe on state and tribal regulations.
- Courts across the U.S. are grappling with the question of whether sports-related prediction markets are properly overseen at the state or federal level, with ramifications for tax collection and other regulations.
