Gensler defends states' right to regulate prediction markets

Former U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has defended the right of individual U.S. states to regulate prediction markets, Decrypt reported. In a recent amicus brief filed with an appellate court, Gensler argued that the law does not grant the Commodity Futures Trading Commission (CFTC) exclusive authority to regulate sports betting. He contended that gambling-related issues, such as youth addiction, should be handled by state governments. Currently, 16 U.S. states are in conflict with the federal government over jurisdiction for prediction markets.