Gary Gensler files amicus brief against CFTC’s authority over sports prediction markets

Gary Gensler has filed an amicus brief challenging the CFTC’s authority over sports prediction markets. The former SEC and CFTC chair asserts that Congress did not intend for sports betting to fall under exclusive federal oversight, instead backing the rights of states. This legal action before the Sixth Circuit could significantly reshape regulatory landscapes, altering the dynamics between state and federal authority and impacting how these specific market operations are managed moving forward.