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44 state attorneys general urge CFTC to regulate sports prediction markets

The coalition says the CFTC must align any new rules with the Commodity Exchange Act, after arguing the agency lacks authority over these markets.

Reported · Written up by our desk · Regulation

A coalition of 44 state attorneys general has urged the U.S. Commodity Futures Trading Commission to address regulation of sports prediction markets.

The Block reports that the group sent a letter to the CFTC urging the agency to draft new rules that would be consistent with the Commodity Exchange Act, arguing the CFTC lacks authority over the markets.

The submission is framed as a push for rulemaking, rather than enforcement, aimed at clarifying how the markets should be governed under existing federal law.

The letter’s key request is that the CFTC take steps that track the Commodity Exchange Act as it considers what regulatory approach should apply.

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