"Better Markets contends that prediction markets operate more like gambling than traditional financial instruments, thus necessitating state jurisdiction rather than federal oversight by the CFTC."
"Dennis Kelleher criticized the CFTC's involvement, highlighting rising reports of insider trading and misconduct on platforms like Kalshi, asserting that the agency is under-resourced and ill-suited for regulation."
"Massachusetts has escalated its scrutiny of prediction market operators, securing an injunction against Kalshi and imposing a deadline for implementing geofencing to block in-state users."
"The Massachusetts case is part of a broader national conflict, with the CFTC filing lawsuits across multiple states to assert its claim of exclusive jurisdiction over these markets."
Better Markets advocates for state-level oversight of gambling-style online markets, arguing that they resemble gambling more than traditional financial instruments. The group criticizes the Commodity Futures Trading Commission's (CFTC) involvement, citing misconduct and insider trading on platforms like Kalshi. Massachusetts is intensifying scrutiny of prediction market operators, with state regulators imposing restrictions and legal challenges arising. This situation reflects a broader national conflict between state regulators and federal authorities over jurisdiction in regulating these markets.
Read at ReadWrite
Unable to calculate read time
Collection
[
|
...
]