Key Takeaways:
Sen. Jeff Merkley led Democrats asking the CFTC to ban event contracts in 5 categories, including sports. Merkley filed the letter on April 30, the final day of the CFTC’s 45-day rulemaking input period. Sports drove 87% of Kalshi’s $39.7 billion in event-contract volume in the year ending February. Lawmakers Want the CFTC to Write a Rule Prohibiting Five Contract CategoriesThe CFTC has continued to assert exclusive federal jurisdiction over event contracts. The agency sued Arizona, Connecticut, and Illinois on April 2 and has since filed similar actions against New York on April 24 and Wisconsin on April 28, alleging the states are encroaching on federal authority by attempting to enforce gambling laws against CFTC-registered exchanges.
