"Attorney General Rob Bonta stated, 'We are very protective of our sovereignty,' emphasizing California's stance on regulating prediction markets despite federal oversight claims. He believes each state should determine its own approach to these markets."
"'The fact that we haven't sued, I think you should not read too much into it,' Bonta remarked, indicating that California's current inaction does not imply a lack of engagement or future regulatory decisions regarding prediction markets."
"'I think we need to be open to conversation,' Bonta said, acknowledging his discussions with lobbyists for prediction market companies, which may strengthen his position but also reflect a willingness to engage with differing viewpoints."
California remains cautious about legal sports gambling, with Attorney General Rob Bonta asserting the state's right to regulate prediction markets. He disagrees with the notion that federal oversight preempts state authority. Bonta acknowledges ongoing engagement with prediction market companies and emphasizes the importance of open dialogue. Despite not having taken legal action, he warns against assuming California will remain passive. The evolving nature of prediction markets and ongoing court considerations highlight the complexities of regulation in this area.
Read at www.businessinsider.com
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