CFTC defends prediction markets authority against mounting state gambling challenges

The Commodity Futures Trading Commission (CFTC) is pressing a federal appeals court to reaffirm that prediction markets fall under federal supervision instead of state gambling enforcement. In a brief filed Tuesday (May 12) with the U.S. Court of Appeals for the Sixth Circuit, the agency asked judges to overturn an Ohio ruling tied to Kalshi’s ongoing dispute with state regulators.