Attorneys General of 44 U.S. States Jointly Oppose CFTC Regulating Sports Prediction Markets

Odaily Odaily reported that the attorneys general of 44 U.S. states sent a letter to the Commodity Futures Trading Commission (CFTC) on Monday, stating that the agency lacks the authority to regulate sports-related event contracts on prediction market platforms. The letter argues that the CFTC’s first proposed rule on prediction market regulation exceeds its statutory authority, conflicts with the Constitution, and is arbitrary and capricious. It should be rewritten to clarify that sports betting cannot be traded on designated contract markets and should instead be governed by state law. The attorneys general of Florida, Georgia, New Hampshire, Missouri, and Texas did not sign the letter.