US CFTC sues Rhode Island over prediction market regulation

The U.S. Commodity Futures Trading Commission (CFTC) has filed a lawsuit against the state of Rhode Island over the regulation of prediction markets. According to a post on the CFTC's website, the agency argued that it holds exclusive regulatory authority over prediction markets under the Commodity Exchange Act. The CFTC asserted that any attempt by the state government to impose sanctions contradicts the law and existing legal precedents. The commission has previously filed similar lawsuits against other states, including Arizona and Connecticut.