CFTC Sues Louisiana to Challenge State Limits on Event Contracts

The Commodity Futures Trading Commission (CFTC) sued Louisiana on Friday, Nov. 13, asking a federal court to stop the state from barring CFTC-regulated firms from offering event contracts, escalating a dispute over authority to oversee prediction markets. The CFTC's complaint challenges Louisiana's prohibition on event contracts offered by designated contract markets, futures commission merchants and derivatives clearing organizations — three types of federally regulated market firms named in the case. Louisiana obtained a state court order Thursday, Nov. 12, that shut down operations of more than 30 companies in the state connected to trading CFTC-regulated derivatives products. The CFTC said the defendants received no notice or opportunity to be heard before the order was issued. CFTC Chairman Michael S.

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