Gary Gensler Backs States Against CFTC Prediction Market Regulation on June 12

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According to Decrypt, on June 12, former SEC chair Gary Gensler filed an amicus brief with the Sixth Circuit Court of Appeals backing states' challenges to Kalshi's claimed exclusive federal jurisdiction over prediction markets. Gensler argued that the 2010 Dodd-Frank Act does not authorize nationwide sports wagering and that state gaming laws remain intact. He was joined by 30 Native American tribes, 11 tribal associations, the Indian Gaming Association, and the American Gaming Association in supporting Ohio's position. Gensler contended that concerns over youth gambling and addiction should be handled at the state level, stating concerns over gambling and addiction should be left to the states.
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