A new bill, the CLARITY Act, could give the CFTC unprecedented power over booming prediction markets, sparking a fierce legal tug-of-war between federal regulators and states. With the CFTC chair declaring these markets “swaps” under federal jurisdiction — a move some call an “assault” on state authority — lawsuits are already brewing and Supreme Court showdowns loom. Lawmakers race to pass the bill before August’s congressional break, while the White House pushes for ethics safeguards and the gambling industry demands bans on sports and casino-linked wagers. Amid rapid innovation, this fight is all about balancing oversight with growth.
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