""This is not just telling the court what their views are, but trying to put a thumb on the scale for prediction markets," said Todd Phillips, a Georgia State University professor who focuses on financial regulation."
"Arizona filed criminal charges against Kalshi last month, alleging that it was violating state gaming laws."
"The Trump administration sees things differently. It argues prediction market sites are a somewhat obscure financial product known as a 'swap,' a derivatives contract in which people can wager money on future events."
"The three lawsuits filed on Thursday on behalf of the Commodity Future Trading Commission ask federal courts to declare that states have no business regulating these kinds of financial markets."
The Trump administration has initiated lawsuits against Illinois, Connecticut, and Arizona, asserting that prediction markets should be federally regulated rather than by state gambling commissions. This legal action marks a significant escalation in efforts to control a rapidly growing industry facing scrutiny over issues like insider trading. The administration argues that prediction markets are financial products, while states contend they are unlicensed gambling operations. The Commodity Future Trading Commission seeks to establish federal jurisdiction over these markets, bypassing state regulations.
Read at www.npr.org
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