CoinDesk·3d ago·mixed

Gary Gensler argues prediction markets violate state gambling laws in court filing

Former SEC and CFTC Chair Gary Gensler filed an amicus brief arguing that sports prediction markets are not federally regulated swaps and should be subject to state gambling laws.

Gensler filed an amicus brief with the Sixth Circuit in the Kalshi vs. Ohio case
He argues sports prediction markets don't fit the legal definition of 'swaps' under Dodd-Frank
The brief says Congress never intended the CFTC to oversee sports betting contracts
Kalshi preemptively sued Ohio to block the state from taking action against it
A federal judge ruled against Kalshi in March; the case is now on appeal

regulationImpact 5/10

Why our editor rated this mixed

Regulatory uncertainty for prediction markets continues, but the debate is about proper oversight boundaries — not a ban or a green light.

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