Trump Administration and CFTC Sue Three States to Block Prediction‑Market Gambling Rules
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The Trump administration, on behalf of the Commodity Futures Trading Commission, filed federal lawsuits against Illinois, Connecticut and Arizona to block those states from applying gambling laws to prediction markets, arguing such markets are "swaps" subject to the CFTC’s exclusive authority. CFTC Chair Michael Selig vowed to defend that jurisdiction, and experts say the clash — underscored by Arizona’s prior criminal charges against Kalshi — raises the likelihood the Supreme Court will ultimately have to decide whether prediction markets are finance or gambling.