PANews April 25 news, according to Cointelegraph, the U.S. Commodity Futures Trading Commission (CFTC) has filed a lawsuit against the state of New York in an attempt to stop New York from enforcing gambling laws on prediction platforms, arguing that federal regulators have exclusive jurisdiction over event-based contracts. In the complaint submitted to the federal district court for the Southern District of New York, the CFTC argues that federal law grants it exclusive jurisdiction over these markets and requests the court to issue a declaratory judgment and a permanent injunction to stop New York's enforcement actions. The CFTC chairman stated: “CFTC-registered exchanges are facing a wave of state-level lawsuits that attempt to restrict Americans' access to event contracts and undermine the CFTC's exclusive regulatory authority over prediction markets.”

Earlier this week, New York filed a lawsuit against Coinbase and Gemini, alleging that their provided services violate the state's gambling regulations. Previously, New York had also taken action against Kalshi, ordering it to suspend certain sports-related contracts.

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