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SCOTUS to Consider Prediction Markets Case
The U.S. Supreme Court has received several amicus briefs urging it to take up a case regarding the regulation of sports-based prediction market contracts. These briefs include submissions from former Senator Chris Dodd, former Commodity Futures Trading Commission (CFTC) Chair Gary Gensler, the National Football League, and 39 states (and the District of Columbia). The briefs argue that these prediction markets should be regulated at the state level rather than by the federal CFTC. The CFTC has also proposed two rules to clarify its interpretation of how these products fall under the definition of a 'swap.' The proposed rules include casino-style gambling and sports-related events as being part of event contracts that are counted as swaps.