CFTC Supports Kalshi in Appeal, Argues for Federal Oversight of Prediction Markets

Odaily Odaily Odaily news, the U.S. CFTC has filed an amicus brief with the U.S. Court of Appeals for the Sixth Circuit, supporting Kalshi's appeal in the lawsuit against Ohio and asserting that prediction markets should fall under the CFTC's jurisdiction. The CFTC stated that Ohio's previous request for Kalshi to cease offering sports event contracts constituted a "jurisdictional overreach." The CFTC argued that if a state could restrict sports event contracts traded on a Designated Contract Market (DCM), its long-standing regulatory authority over event contracts, swaps, and binary options markets could be affected. The outcome of this case will also impact prediction market platforms such as Kalshi and Polymarket. (Cointelegraph)