The US Commodity Futures Trading Commission (CFTC) has filed a lawsuit against New York State to prevent it from applying gambling laws to prediction market platforms, Cointelegraph reported. Previously, New York authorities had sued Coinbase (COIN) and Gemini (GEMI) for violating gambling laws with their prediction market subsidiaries. Michael Saylor, Chairman of the US Commodity Futures Trading Commission (CFTC), argues that jurisdiction over prediction markets belongs to the CFTC, a federal agency, not state governments.
