Wu Blockchain (@WuBlockchain): Escalating Jurisdictional Conflict as Federal Government Sues Illinois Over Prediction Markets
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Escalating Jurisdictional Conflict as Federal Government Sues Illinois Over Prediction Markets According to Reuters, the federal government filed a lawsuit in a Chicago federal court on April 2 against the state of Illinois, alleging that its efforts to regulate prediction markets are unlawful. The complaint states that cease-and-desist letters sent to platforms such as Kalshi and Polymarket interfere with designated contract markets regulated by the CFTC and infringe upon the federal government’s exclusive authority over national swaps markets.