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  "description": "The Federal regulator claims exclusive authority over an industry long regulated by states.",
  "path": "/trump-administration-seeks-to-preempt-state-regulation-of-prediction-markets/",
  "publishedAt": "2026-05-05T14:49:44.000Z",
  "site": "https://broadbandbreakfast.com",
  "tags": [
    "asserting jurisdiction over prediction markets",
    "The state of Massachusetts sued Kalshi",
    "won a preliminary injunction",
    "Learn more about the Broadband Community...",
    "Start Your Broadband Journey Here",
    "booster for the prediction market industry",
    "only commissioner on the CFTC’s five-seat board",
    "Selig also filed an amicus brief on behalf of Crypto.com,",
    "allegedly violating its gambling laws",
    "Notice of Proposed Rulemaking",
    "broadly defined by a 1992 statute"
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  "textContent": "WASHINGTON, May 5, 2026 — The Trump administration is going to court to shield prediction market players Kalshi and Polymarket from state regulation.\n\nThe Commodity Futures Trading Commission filed an amicus brief in Massachusetts state court asserting jurisdiction over prediction markets. The CFTC has also filed lawsuits against Arizona, Connecticut, Illinois, New York, and Wisconsin, which have also sought to regulate prediction markets.\n\nThe state of Massachusetts sued Kalshi on September 12, 2025, arguing that Kalshi’s “event contracts” closely resemble sports betting, for which Kashi does not have a state license. The lawsuit also claims Kalshi offers bets to users under 21, the state’s age requirement for gamblers. State attorney general **Andrea Campbell** won a preliminary injunction against Kalshi on January 20, 2026.\n\n“Some states continue to pursue ever-escalating, illegal enforcement actions against CFTC-regulated exchanges, despite rulings from multiple courts halting those efforts,” said CFTC Chairman **Michael S. Selig**. “Congress has entrusted the CFTC with the sole authority to regulate commodity derivatives markets, including prediction markets. To any state that seeks to nullify federal law and seize authority over these markets, I say again: we will see you in court.”\n\nLearn more about the Broadband Community...\n\n\n                            Start Your Broadband Journey Here\n                        \n\nSelig has denied claims that he is a booster for the prediction market industry, telling Politico, “I’m not a merit-based regulator. I’m not a cheerleader for any particular industry. What I do believe in is technology that provides greater freedom to the American people.”\n\nSelig is currently the only commissioner on the CFTC’s five-seat board, as President Trump has not yet nominated candidates for the board’s four vacancies.\n\nSelig also filed an amicus brief on behalf of Crypto.com, a prediction market which was sued by the state of Nevada for allegedly violating its gambling laws. The U.S. Court of Appeals for the Ninth Circuit heard oral arguments on April 16, 2026, but has not yet issued a ruling.\n\nThe CFTC filed a Notice of Proposed Rulemaking on March 12, 2026, asserting exclusive authority to regulate futures markets, which it claims are broadly defined by a 1992 statute.",
  "title": "Trump Administration Seeks to Preempt State Regulation of Prediction Markets",
  "updatedAt": "2026-07-10T21:50:37.577Z"
}