The Commodity Futures Trading Commission claims it "first officially recognized" event contracts in 1992 and that Congress has granted it sole authority over the market.
The Trump administration is suing Illinois, Connecticut, Arizona, and their gaming regulators over the federal government’s right to regulate prediction markets.
The Commodity Futures Trading Commission (CFTC) and the US Department of Justice filed separate lawsuits on Thursday against the three states.
In 2025, those states and their gaming regulators sent cease and desist letters to prediction platforms, including Kalshi and Polymarket, claiming that the event contracts offered by the platforms violated state gambling laws and licensing requirements.
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