CFTC backs prediction market Kalshi in appeals court fight against Ohio
The Commodity Futures Trading Commission has urged the Sixth Circuit Court of Appeals to rule that the agency has jurisdiction over prediction markets.
The US Commodity Futures Trading Commission has backed Kalshi in the company’s legal fight against the state of Ohio, asking an appeals court to affirm that the regulator has jurisdiction over prediction markets.
The CFTC filed an amicus brief in the Sixth Circuit Court of Appeals on Tuesday, accusing Ohio of “jurisdictional overreach” after state authorities told Kalshi last year to stop offering sports event contracts in the state, calling them unlicensed sports gambling.
Kalshi sued Ohio authorities in October, seeking to have a federal court stop the Ohio Casino Control Commission and the state attorney general from taking action, but the court denied the request in March, leading Kalshi to appeal the decision.