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

Former CFTC and SEC Chairman Gary Gensler has submitted an amicus brief to the appellate court, arguing that federal law does not empower the CFTC—the agency he previously led—to regulate sports-related prediction markets.
Several other entities have filed similar amicus briefs, asserting that sports-related prediction markets infringe upon state and tribal regulatory provisions. Multiple courts across the United States are currently deliberating whether these markets should be regulated at the state or federal level, with related rulings impacting tax collection and other regulatory matters. (CoinDesk)