THE ATTORNEY GENERAL IN 44 STATES OF THE UNITED STATES SENT A JOINT LETTER AGAINST THE REGULATION OF THE SPORTS FORECAST MARKET BY THE CFTC

On 29 July, CNBC reported that the Attorney-General of 44 states in the United States had written a weekly letter to the Commodity Futures Trading Commission (CFTC) stating that the agency had no authority to regulate contracts for sports-related events on the forecast market platform. At the time of the letter, the public consultation period for CFTC ' s first proposed rule on predicting market regulation, which is focused on sports products on the exchange, ended on a Sunday night. A coalition led by the Ohio State Attorney General, Andy Wilson, has stated that the proposed rules exceed the statutory powers of the CFTC, are in conflict with the Constitution and are arbitrary and should be reformulated and made clear that sports fairs cannot be traded in the designated contract market, but are subject to state law. The letter was not signed by the Attorney General of Florida, Georgia, New Hampshire, Missouri and Texas. In June, the CTC issued its first draft regulation for the regulation of the forecast market, which focuses on contracts for sporting events and defines “gaming”. CFTC has confronted several states in court on the basis of federal priority and is currently in litigation with nine states。