The Commodity Futures Trading Commission has filed an amicus brief in the U.S. Court of Appeals for the Sixth Circuit arguing that prediction markets fall within the CFTC’s exclusive jurisdiction. The filing, in KalshiEx LLC v. Matthew T. Schuler, et al., says the federal regulatory framework established by Congress and implemented by the CFTC preempts state laws as applied to CFTC-regulated markets. The brief is part of the agency’s broader effort to oppose state regulation of prediction markets overseen by the CFTC. It asks the appeals court to reject what the Commission described as an unduly narrow view of its jurisdiction taken by a federal district court in Ohio. The CFTC also noted earlier lawsuits against Arizona, Connecticut, Illinois, New York, and Wisconsin, a preliminary injunction against state regulation of CFTC-regulated prediction markets in Arizona, and earlier amicus briefs filed in the U.S. Court of Appeals for the Ninth Circuit and the Supreme Judicial Court of Massachusetts.
Commodity Futures Trading Commission 2026-05-12
Commodity Futures Trading Commission files Sixth Circuit amicus brief asserting exclusive jurisdiction over prediction markets
The Commodity Futures Trading Commission has filed an amicus brief in the U.S. Court of Appeals for the Sixth Circuit asserting that prediction markets fall within its exclusive jurisdiction and that the federal framework preempts state laws as applied to CFTC-regulated markets. The brief, in KalshiEx LLC v. Matthew T. Schuler, et al., is part of the CFTC’s broader effort to oppose state regulation of prediction markets, including related lawsuits, a preliminary injunction in Arizona, and prior amicus filings in the Ninth Circuit and Massachusetts.