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CFTC Sues Rhode Island to Defend Exclusive Jurisdiction Over Event Derivatives

GateNews
Enforcement ActionsGeopolitics
According to PANews, on May 29, the U.S. Commodity Futures Trading Commission (CFTC) filed a lawsuit in Rhode Island federal court to block the state from applying its gambling laws to CFTC-registered derivatives contracts. CFTC Chair Michael S. Selig stated that registered exchanges face multiple lawsuits designed to restrict Americans' participation in event contracts, which undermines CFTC's exclusive jurisdiction. Selig emphasized that event contracts are commodity derivatives and fall entirely within CFTC regulatory authority. The CFTC also faces similar jurisdiction challenges in Arizona, Connecticut, Illinois, New York, and Minnesota.
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