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CFTC chair cites amicus brief defending prediction markets from state challenges
CFTC chair Michael Selig said the agency filed an amicus brief to protect its exclusive authority over prediction markets and cautioned that state-level challenges would be met in court. His comments accompanied ongoing state actions targeting event-contract platforms, a Wall Street Journal op-ed he authored, a letter from 23 senators urging restraint, and a November court hearing he referenced.
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Nevada sues Coinbase Financial Markets over alleged unlicensed sports wagering platform
On Monday, the Nevada Gaming Control Board filed a civil enforcement action in the First Judicial District Court against Coinbase Financial Markets, alleging it offered unlicensed wagers on sports event contracts. The regulator is seeking a temporary restraining order and preliminary injunction to halt Coinbase's operation of a derivatives exchange and prediction market tied to sporting bets, shortly after Coinbase announced prediction markets across all 50 U.S. states through a partnership with Kalshi.
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