Coalition of 44 state attorneys general says CFTC lacks authority over sports prediction markets
The Block·
60-second summary
A coalition of 44 state attorneys general is urging the CFTC to draft new rules for sports prediction markets, stating the agency lacks authority over the industry. The letter to the CFTC emphasizes the need for regulation, citing the Commodity Exchange Act as a framework for new guidelines. This development may impact emerging sports betting markets and regulatory efforts nationwide.
The group of AGs sent a letter to the CFTC, urging the agency to draft new rules consistent with the Commodity Exchange Act.