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U.S. Sen. Adam Schiff (D-Calif.) criticized the Commodity Futures Trading Commission’s prohibition on prediction markets from geofencing, according to goldrushcam.com. Schiff said the federal regulator is effectively requiring platforms to offer contracts in all 50 states, including on Tribal lands, in violation of state law and Tribal sovereignty.
Schiff Challenges Nationwide Sports Contracts
Schiff framed the dispute as a matter of gambling regulation rather than a distinction between sports bets and prediction market contracts.
“Sports prediction markets are sports bets. By effectively requiring prediction markets to offer contracts in all 50 states, even on Tribal lands, the CFTC is once again violating state law and Tribal sovereignty,” Schiff said.
The California senator’s criticism follows an earlier development involving California Tribes. PlayCA reported on Nov. 5 that California Tribes had secured an injunction against Kalshi sports contracts.
Senator Alleges Conflict With Court Orders
Schiff also alleged that the CFTC and its chairman appear to be encouraging platforms to continue offering gambling products despite ongoing litigation and court orders requiring contracts to cease in several states and on Tribal lands.
He characterized the regulator’s action as an attempt to undermine state law, Tribes and the courts, and accused its chairman of acting in the industry’s interests.
“This is the CFTC’s most egregious attempt yet to undermine state law, the Tribes, and now, the courts. The CFTC chairman has been captured by the industry and his actions reflect only their interests,” Schiff said.
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Source: As reported by goldrushcam.com.
