[Multiple Parties Submit Briefs to U.S. Supreme Court, Urging Decision on Regulation of Sports Prediction Markets]
Multiple parties have submitted briefs to the U.S. Supreme Court, urging it to rule that sports prediction markets should be regulated by state governments rather than the CFTC. Signatories include former Senator Chris Dodd, former CFTC Chairman Gary Gensler, the NFL, representatives from 39 states, and 145 Native American tribes. They argue that the Dodd-Frank Act does not grant the CFTC the authority to supersede state governments in regulating gambling. Opponents contend that sports predictions do not meet the definition of swap contracts under the CEA. On Friday, the CFTC issued a new draft rule confirming that casino-style gambling does not fall under the scope of swap contracts, but contracts related to sports, political, cultural, and weather prediction events are still considered swap products and remain under its regulation. (Source: CoinDesk)
