Former SEC Chair Gensler rejects CFTC claim of authority over prediction market sports betting

<p class="p1"><span class="s1">Gary Gensler, former chair of both the Commodity Futures Trading Commission and the Securities and Exchange Commission, is calling malarkey the claim that the CFTC has jurisdiction over prediction markets, specifically sports bets.</span></p>

<p class="p1"><span class="s1">In an amicus brief filed Thursday with the U.S.

Court of Appeals for the Sixth Circuit, Gensler argued that the Dodd-Frank Act, the financial reform law enacted after the 2008 financial crisis, did not grant the agency authority over sports wagering.

His position directly contradicts that of current CFTC Chair Michael Selig, as well as prediction-market platform Kalshi, both of which maintain that such contracts fall under federal jurisdiction.</span></p>

<p class="p1"><span class="s1">"If Dodd-Frank had preempted the states on sports betting, it would have been one of the biggest stories about Dodd-Frank at the time," Gensler sad in the brief.