00:00let's get started with the update in minnesota minnesota says no more prediction markets for us
00:05you got to get out and the response is the cftc jumping in so who ends up winning this battle
00:11will it be the prediction markets or the cftc because a landmark case could be in store
00:17yeah if i had to pick a winner in this battle craig it would probably be the lawyers on both
00:21sides because they're definitely really busy all of these fights between the states uh koushi
00:27poly market and now the federal agency which is supposed to oversee these companies minnesota
00:32passed its law the first law of its kind banning prediction markets in the state including sports
00:38event contracts which have become very popular as sort of an alternate method of wagering especially
00:43in states like minnesota where sports betting is not legal yet and minnesota passed this law
00:48effectively banning those platforms from the state the cftc responded just one day later filing a
00:56lawsuit to block the state from doing that they called it flagrant and unprecedented incursion
01:01into their regulatory authority the cftc has maintained that these sports prediction markets
01:06are in fact not sports betting but financial derivatives which they are supposed to regulate
01:11under law the states don't want these products in their states so this is what's happening now you
01:16have six lawsuits between the cftc and minnesota whether or not there'll be a winner in that lawsuit
01:23anytime soon uh remains to be seen it's you know one of a number of not even those lawsuits but
01:29you
01:29also have koushi and poly market and robin hood with their lawsuits as well you've had about 20 states
01:34in total kind of take action uh so these lawsuits could take a long time to play out it's believed
01:39by
01:39many that ultimately the supreme court will have to decide on this matter whether or not these are
01:45indeed financial uh trading instruments or these are actually sports betting products which the state
01:51should be free to govern so that's the heart of the issue right here um the cftc certainly has had
01:56a
01:56lot or spent a lot of energy defending its right to oversee these products we are still yet to see
02:02any formal rules from the cftc actually governing what these products can do you've had several leagues
02:08like the nfl the nba the mlb asking for similar style to sports book protections to make sure that you
02:15can't offer markets on problematic things like officiating or injury decisions so it's just kind
02:21of another development in this crazy saga we've been talking about now for over a year and we'll see
02:27you know what when push comes to shove in these courts but it could take a while before we have
02:31any actual real winners and losers and rulings in this whole thing
02:34um
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