FEDERAL POWER GRAB ALERT!
$CFTC claims exclusive jurisdiction over prediction markets. This is NOT gambling. It's commodities. States are trying to regulate event contracts. The CFTC says NO. They cite the Commodity Exchange Act. This is a massive federal vs. state showdown. The definition of "commodity" is incredibly broad. This impacts millions of users and billions in volume. The CFTC is not backing down. This fight is heading to court.
This is not financial advice.