Overview
- The new coalition seeks to have sports event contracts on prediction platforms governed by state and tribal gambling laws rather than CFTC derivatives rules.
- Founding members include Moms for America, Consumer Action for a Strong Economy, Frontiers of Freedom, and Hispanic Leadership Fund.
- Mulvaney argues that sports outcome contracts are indistinguishable from bets and says the effort is a political and PR campaign aimed at lawmakers, regulators, and voters.
- State actions against platforms like Kalshi have produced mixed early results, with Nevada regulators scoring wins and platforms prevailing in Tennessee, creating a patchwork of litigation.
- CFTC chair Michael Selig maintains that prediction markets fall under the agency’s jurisdiction and has backed that stance in court, including a brief supporting Crypto.com in a Nevada case.