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State regulators briefed on prediction markets, court fights over whether CFTC or states control them
Summary
Commissioners heard a briefing that prediction-market platforms (e.g., Kalshi, Polymarket) are at the center of litigation over whether the Commodity Futures Trading Commission or state gambling authorities have regulatory authority; presenters warned of risks to state and tribal revenue if preemption is found.
At the Washington State Gambling Commission meeting Feb. 12, staff briefed commissioners on prediction markets and the unsettled legal question whether those platforms are federally regulated event contracts or state‑regulated gambling products.
Bryce Mack, a special agent supervisor in the commission’s intelligence unit, outlined the industry’s argument that some operators treat prediction markets as commodity contracts subject to Commodity Futures Trading Commission oversight. "Their fundamental argument is they're no different than trading, you know, gold or soybeans," Mack said, summarizing operators'…
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