"The CFTC intensified its prediction markets fight on April 24, 2026, by suing the state of New York in federal court. The case marks another escalation in an ongoing conflict over whether event contracts should be treated as federally regulated financial derivatives or state-regulated gambling products."
"The CFTC stated: New York has sought to enforce state laws against CFTC-registered entities through cease-and-desist letters and civil enforcement suits. In its complaint against New York, the CFTC seeks a declaratory judgment that federal law grants it exclusive authority to regulate event contracts."
The CFTC has filed a lawsuit against New York, challenging the state's enforcement of gambling laws on prediction markets. This legal action follows New York's lawsuits against cryptocurrency exchanges Coinbase and Gemini. The CFTC argues that event contracts should be regulated as federal derivatives rather than state gambling products. The agency seeks a declaratory judgment affirming its exclusive authority over these contracts and aims to prevent New York from enforcing its state laws against CFTC-registered entities. This conflict reflects a broader federal-state clash over regulatory jurisdiction.
Read at news.bitcoin.com
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