Gary Gensler submits court opinion stating CFTC has no authority to regulate sports prediction markets

Odaily Odaily reports that former CFTC and SEC Chairman Gary Gensler has submitted an amicus brief to the appellate court, arguing that federal law does not grant his former agency, the CFTC, the authority to regulate sports-related prediction markets.

Several other entities have also submitted similar amicus briefs, claiming that sports-related prediction markets violate state and tribal regulatory provisions. Courts across multiple U.S. states are currently hearing cases on whether sports-related prediction markets should be regulated at the state or federal level, with related rulings impacting tax collection and other regulatory matters. (CoinDesk)