US 44 state attorneys general sent a joint letter against the CFTC's regulation of the sports prediction market

In comparison, the attorneys general of 44 US states wrote to the Commodity Futures Trading Commission (CFTC) on Monday that the agency has no authority to regulate sports-related events contracts on forecasting market platforms. The letter stated that the CFTC's first proposed rule on predictive market regulation exceeds its legal powers, conflicts with the Constitution, and is arbitrary. It should be reformulated and made clear that sports betting cannot be traded in designated contract markets and is subject to state law. The attorneys general of Florida, Georgia, New Hampshire, Missouri, and Texas did not sign the letter.