PANews reported on April 25th that, according to Cointelegraph, the U.S. Commodity Futures Trading Commission (CFTC) has filed a lawsuit against New York State seeking to block the state's enforcement of gambling laws on prediction platforms, arguing that the federal regulator has exclusive jurisdiction over event-based contracts. In its complaint filed in the U.S. District Court for the Southern District of New York, the CFTC argues that federal law grants it exclusive jurisdiction over these markets and requests a declaratory judgment and a permanent injunction to prevent New York State's enforcement actions. The CFTC chairman stated, "CFTC-registered exchanges are facing a barrage of state-level lawsuits attempting to restrict U.S. access to event-based contracts and undermine the CFTC's exclusive regulatory authority over prediction markets."

Earlier this week, New York State filed a lawsuit against Coinbase and Gemini, alleging that their services violated the state's gambling laws. Previously, New York State had also taken action against Kalshi, ordering it to suspend certain sports-related contracts.