Federal government sues three states over their regulation of prediction markets

Image for article Federal government sues three states over their regulation of prediction markets
News Source : Abcnews.com

News Summary

  • All three states have sent cease and desist orders to such companies accusing them of engaging in illegal online gambling.
  • The Commodity Futures Trading Commission contends in court filings that it, not the states, regulates these companies.
  • The Trump administration threw its support behind the operators Kalshi and Polymarket in a critical legal battle that could have implications for how sports betting is regulated.Connecticut Attorney General William Tong on Thursday accused the Trump administration of “recycling industry arguments” that have been rejected in district courts across the country.
The federal government on Thursday sued Connecticut, Arizona and Illinois, challenging their efforts to regulate prediction market operators such as Kalshi and Polymarket.All three states have sent [+1308 chars]

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