Former SEC Chair Gensler Rejects CFTC's Jurisdiction Claim Over Sports Betting in Thursday Court Brief

KALSHI1.41%
Former SEC Chair Gary Gensler filed an amicus brief with the U.S. Court of Appeals for the Sixth Circuit on Thursday, arguing that the CFTC lacks authority over prediction market sports betting contracts. Gensler's position directly contradicts current CFTC Chair Michael Selig and prediction-market platform Kalshi, both asserting federal jurisdiction. Gensler stated that the Dodd-Frank Act did not grant the agency such authority and questioned the CFTC's capacity to oversee such markets due to insufficient funding and experience.
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