Summary
- The U.S. Commodity Futures Trading Commission (CFTC) said it has entered a legal battle with the state of Illinois over regulation of prediction markets.
- The CFTC said it asked a federal court for a permanent injunction to prevent Illinois from applying gambling laws to prediction market operators subject to federal regulation.
- Illinois previously issued cease-and-desist orders to Kalshi, Polymarket, Crypto.com and Robinhood, it said.
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The U.S. Commodity Futures Trading Commission (CFTC) has entered a legal battle with the state of Illinois over regulation of prediction markets.
According to BeInCrypto, a virtual-asset (cryptocurrency) industry outlet, on the 2nd (local time) the CFTC asked a federal court for a permanent injunction to prevent Illinois from applying gambling laws to prediction-market operators subject to federal regulation.
The CFTC argued that, under the Commodity Exchange Act, the federal government has exclusive jurisdiction over futures and swaps trading, stressing that state regulation infringes on that authority.
Illinois previously issued cease-and-desist orders to Kalshi, Polymarket, Crypto.com and Robinhood.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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