The U.S. CFTC and Department of Justice sue Illinois, its Governor, and Attorney General, alleging they lack authority to regulate prediction markets

Odaily News According to market sources: The U.S. Commodity Futures Trading Commission (CFTC) and the Department of Justice (DOJ) have filed a lawsuit against the state of Illinois, its Governor, and Attorney General, alleging that their attempts to regulate prediction markets exceed their legal authority. Both agencies stated that Illinois' relevant regulatory measures are invalid because the state government does not have the authority to exercise jurisdiction over federally regulated prediction markets. The lawsuit emphasizes protecting innovative financial instruments from overreach by local governments.