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06/24 05:37

CFTC fires back after Kentucky targets Polymarket,

#World Cup Predictions: 100,000 USDT Daily CFTC fires back after Kentucky targets Polymarket, Kalshi The Commodity Futures Trading Commission has sued Kentucky in federal court, seeking to stop the state from enforcing gaming laws against federally regulated prediction market operators. The case names Kentucky Governor Andrew Beshear, Attorney General Russell Coleman, Department of Revenue Commissioner Thomas B. Miller, and the Kentucky Horse Racing and Gaming Corporation as defendants. The CFTC says Kentucky’s actions conflict with the Commodity Exchange Act, which gives the regulator authority over futures, options, and swaps traded on federally regulated exchanges. “Kentucky is the latest state attempting to shut down federally-regulated event contracts,” said CFTC Chair Michael Selig. The agency asked the court for declaratory and injunctive relief. Kentucky says sports-linked contracts need state oversight. As I’ve consistently pledged, the @CFTC is firmly committed to maintaining its exclusive jurisdiction over prediction markets, and today’s lawsuit against Kentucky is yet another example of the Commission protecting its federal authority. More below⬇️ https://t.co/u1zwCP0Mb6 — Mike Selig (@ChairmanSelig) June 23, 2026 State action targets platforms Kentucky sued Kalshi, Polymarket, and partners tied to Coinbase, Robinhood, and Webull on June 17. The state said the companies offered sports event contracts without a Kentucky gaming license and without following state rules. It also argued that the products fall under the state’s definition of sports wagering. The CFTC rejected that view in its complaint. It said Kalshi and Polymarket are designated contract markets under federal oversight. It also said Coinbase, Robinhood, and Webull are registered futures commission merchants that can offer event contracts through partnerships with regulated exchanges. Moreover, the regulator described the targeted contracts as swaps under federal commodities law.

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