CFTC Supports Kalshi in Ohio Prediction Market Lawsuit
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- CFTC filed a brief supporting Kalshi in Ohio's jurisdictional dispute over sports event prediction contracts.
- CFTC sued five states—Wisconsin, New York, Arizona, Connecticut, and Illinois—to assert federal jurisdiction over prediction markets.
- State regulators issued cease‑and‑desist letters or lawsuits against prediction‑market platforms Kalshi, Polymarket, Crypto.com, Robinhood, and Coinbase for offering sports contracts.
- CFTC Chair Selig warned that states cannot circumvent Congress's directive and will be sued if they interfere with federal financial‑market law.
- CFTC is in talks with major pro sports leagues to coordinate policing of prediction markets.
Why it matters: The CFTC's brief secures a federal framework for platforms like Kalshi, while state regulators face lawsuits and loss of authority over sports betting, prompting sports leagues to cooperate on compliance enforcement.
