According to CFTC Chair Michael Selig at Consensus 2026, the CFTC has sued approximately five to six states, including Arizona, Connecticut, Illinois, and New York, over regulatory authority of prediction markets. The core dispute centers on whether the CFTC or state regulators have jurisdiction over prediction market event contracts traded on federally regulated exchanges. Selig stated that if different circuit courts issue conflicting rulings, the case could ultimately be appealed to the U.S. Supreme Court. The CFTC argues that the Commodity Exchange Act grants it exclusive authority over commodity derivatives, and prediction market contracts represent federally regulated financial derivatives distinct from traditional gambling operations.
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