"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 gambling-pure and simple. They are destroying the lives of families and countless Americans, especially young men. They have no place in Utah."
"Let me be clear, I will use every resource within my disposal as governor of the sovereign state of Utah, and under the Constitution of the United States to beat you in court."
Salt Lake City has emerged as a focal point in a dispute over control of online prediction markets that let users trade contracts tied to real-world outcomes. Governor Spencer Cox publicly rebuked CFTC Chair Mike Selig, accusing the regulator of stretching its authority by treating sports-style event contracts like financial derivatives. Cox called the platforms gambling that harm families and young men, declared they have no place in Utah, and warned the state will use its legal resources to challenge the agency. High-profile Republicans, including Chris Christie, have joined in opposing the CFTC stance.
Read at ReadWrite
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