CFTC asserts exclusive federal control over prediction markets in Ninth Circuit brief amid state pushback

On Tuesday evening, the U.S. Commodity Futures Trading Commission told the Ninth Circuit that Congress granted it exclusive jurisdiction over futures and event contracts, in a case involving Crypto.com and the state of Nevada. The filing underpins the agency's stance that fast-growing prediction markets, such as Kalshi and Polymarket, fall squarely under its federal authority, even as multiple states and lawmakers challenge that view and raise concerns about gambling, consumer protection and public interest.