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CFTC sues Illinois over state plan to regulate prediction markets, GambleRss reports
- CFTC sues Illinois over state plan to regulate prediction markets, GambleRss reports — The Commodity Futures Trading Commission sued Illinois in the US District Court for the Northern District of Illinois, arguing the Commodity Exchange Act gives it exclusive jurisdiction over designated contract markets and preempts state gaming rules, and asking the court to enjoin state enforcement. The suit, described as the first time the federal agency has sued a state over prediction market regulation, was filed a year and a day after Illinois issued cease-and-desist letters to Crypto.com, Kalshi and Robinhood, with a similar letter sent to Polymarket in January. (GambleRss)
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