The CFTC argued in a lawsuit that the Commodity Exchange Act gave it "exclusive jurisdiction" over all swaps, which include prediction markets. The CFTC filed a lawsuit against Illinois, after the state tried to shutter prediction market providers' sports-related products. The lawsuit is the latest in a back-and-forth between the federal regulator and states over who can oversee sports-related prediction markets. States argue that sports-related prediction markets are just gambling, while…
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