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00:02A federal commission on Thursday announced lawsuits against Arizona, Connecticut, and
00:06Illinois over its authority to regulate prediction markets, according to CNBC.
00:11The Commodity Futures Trading Commission said it has exclusive authority to oversee event
00:15contracts under the Commodity Exchange Act. It said states have tried to outlaw or restrict
00:20contract markets that operate in accordance with federal law. The commission said Congress
00:25granted its sole authority over these markets, while Chairman Michael Selig said state action
00:29create inconsistent rules and increase risks of fraud and manipulation. The lawsuits come
00:34as prediction markets face scrutiny from lawmakers. Congressional Democrats introduced legislation
00:39to ban certain contracts, and the NFL requested limits on objectionable sports-related contracts.
00:45For all things money, visit Benzinga.com.
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