CFTC Chair Michael Selig has said that the agency has authority over prediction markets like Kalshi and Polymarket and warned it will defend that jurisdiction in court if challenged. The US state of Utah is set to block prediction market platforms such as Kalshi and Polymarket, escalating a growing dispute between state regulators and federal authorities over how the industry should be regulated. On Wednesday, Utah’s HB243 (Gambling Revisions) bill was sent to the governor’s desk after passing the Utah House on Feb. 10 and clearing the Senate on Feb. 27. The bill defines “proposition betting” as gambling. Proposition bets are wagers on individual events within a game, such as how a specific athlete performs or whether a team reaches a certain statistic, rather than the final outcome of the game itself. The goal of the legislation is to prevent companies from offering sports-related prediction or prop betting in Utah, including through platforms that label themselves as prediction markets rather than sportsboo...
The SEC and CFTC said they would adopt a “minimum effective dose” regulatory strategy to foster innovation while maintaining market integrity and keep the US competitive globally. Two of the US’s most influential financial regulators have agreed to better coordinate oversight of the financial markets, seeking to put an end to decades of “regulatory turf wars” between them. According to the memorandum of understanding written on Wednesday, the US Securities and Exchange Commission and US Commodity Futures Trading Commission said it has become a “pivotal time” to regulate in harmony as new technologies, such as crypto, make it more challenging to monitor the markets: “New trading models, digital infrastructure, and onchain, automated systems increasingly blur traditional jurisdictional lines,” they said, particularly as market participants operate across platforms and asset classes. Read more