The Commodity Futures Trading Commission and Department of Justice have asked a federal court to block Arizona’s indictment of prediction market Kalshi on criminal charges for offering sports gambling without a license. The agency’s move comes days after a New Jersey federal appellate court decision forbidding the state from pressing civil charges against Kalshi after finding that the CFTC has exclusive jurisdiction over prediction market activity on federally regulated exchanges. “Arizona’s decision to weaponize preempted state criminal law against companies that comply with a comprehensive federal regime sets a dangerous precedent,” said CFTC Chairman Michael Selig, in a statement. “The CFTC is committed to vigorously defending its exclusive authority…
Blockchain and Cryptocurrency: People, Culture and Tech