CFTC sues New York State over prediction market jurisdiction

The U.S. Commodity Futures Trading Commission (CFTC) has filed a lawsuit against New York State to prevent it from applying its gambling laws to prediction market platforms, Cointelegraph reported. The move follows previous lawsuits by New York authorities against Coinbase (COIN) and Gemini (GEMI), which accused the exchanges' prediction market subsidiaries of violating state gambling laws. CFTC Chairman Michael Gillick argues that jurisdiction over prediction markets lies with the CFTC, a federal agency, not with state governments.