CFTC sues New York State for blocking its use of gambling laws to predict markets

According to Cointelegraph, the US Commodity Futures Trading Commission (CFTC) has sued the state of New York to prevent it from enforcing gambling laws on prediction platforms. In its lawsuit submitted to the Federal District Court for the Southern District of New York, the CFTC claims that federal law grants it exclusive jurisdiction over event based contracts and requests the court to make a declaratory judgment and issue a permanent injunction. The Chairman of the CFTC stated that state-level lawsuits are attempting to restrict Americans from accessing event contracts and weaken the CFTC's regulatory authority over the forecasting market.