CFTC sues New York to block oversight of prediction markets

The US Commodity Futures Trading Commission sued New York on Friday, accusing the state of invading its authority to regulate prediction markets by filing lawsuits accusing Coinbase Financial Markets and Gemini Titan of promoting gambling.

In a complaint filed in Manhattan federal ‌court, the ⁠CFTC said the ⁠litigation filed on April 21 by New York Attorney General Letitia James “intrudes on the exclusive federal scheme Congress designed” to oversee commodity derivatives markets, including prediction markets.