U.S. CFTC adds New York to string of states its suing to stop prediction market pushback

What Happened

The U.S. CFTC sued New York Friday, asserting exclusive federal jurisdiction over prediction markets registered as designated contract markets. New York earlier sued Coinbase and Gemini over gambling law violations. The CFTC argues state laws are preempted by federal derivative regulations. However, 37 state attorneys general filed a brief opposing CFTC's preemption theory, defending states' consumer protection authority.

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