Gary Gensler: The FTC has no authority to regulate the sports forecasting market

Former CFTC and SEC Chairman Gary Gensler submitted a friend of the court opinion to the court, arguing that federal law does not grant the CFTC the authority to regulate the sports related prediction market. Multiple entities have submitted similar amicus curiae opinions, claiming that the sports related prediction market violates state and tribal regulatory regulations. Several courts in the United States are currently reviewing the issue of whether the sports related prediction market should be regulated at the state or federal level, with related rulings involving tax collection and other regulatory matters.