"Prediction markets aren't new. The CFTC has regulated these markets for over two decades. They provide useful functions for society by allowing everyday Americans to hedge commercial risks like increases in temperature and energy price spikes. They also serve as an important check on our news media and our information streams. Today, the CFTC is taking an important step to ensure that these markets have a place here in America and have the integrity, resilience, and vibrancy that our derivatives markets deserve."
"Mike, I appreciate you attempting this with a straight face, but I don't remember the CFTC having authority over the derivative market of LeBron James rebounds. These prediction markets you are breathlessly defending are gamblingpure and simple. They are destroying the lives of families and countless Americans, especially young men. They have no place in Utah."
The CFTC filed a friend-of-the-court brief asserting exclusive jurisdiction over prediction markets after a wave of state-led litigation. The CFTC chair emphasized two decades of regulation and said prediction markets enable everyday Americans to hedge commercial risks such as temperature increases and energy price spikes while serving as a check on news media and information streams. The agency pledged to defend market integrity and litigate against challenges. Utah's governor rejected the CFTC's stance, called many prediction markets gambling, said they harm families and young men, and declared such markets unwelcome in Utah.
Read at www.mediaite.com
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