Gate News message: On April 2, the U.S. Commodity Futures Trading Commission (CFTC) on Thursday filed a lawsuit in federal court in Chicago, seeking to block Illinois from regulating prediction markets. The reason cited is that the state’s actions infringe on the federal government’s exclusive regulatory authority over nationwide swap markets. This lawsuit is the CFTC’s first attempt, through legal means, to stop a state-level gambling regulator from asserting jurisdiction over operators of prediction markets. The grounds for the suit are as follows: The Illinois Gaming Board previously issued a cease-and-desist order to Kalshi, a prediction market platform, and a certain exchange, alleging that the platforms violated Illinois gambling laws by engaging in unlicensed sports betting activities. The lawsuit defendants include officials from the Illinois Gaming Board, Governor J.B. Pritzker, and Attorney General Kwame Raoul. None of the parties involved immediately responded to requests for comment.
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