Former CFTC and SEC chair Gary Gensler filed an amicus brief with the Sixth Circuit Court of Appeals, arguing that the Dodd-Frank Act did not grant the CFTC jurisdiction over sports betting. He contends that state gaming laws should not be preempted, and concerns over gambling addiction should be left to states. The brief supports Ohio in its case against Kalshi, a prediction market platform that claims exclusive federal jurisdiction under Dodd-Frank, the 2000 Commodity Futures Modernization Act, and the 1974 CFTC Act. Thirty Native American tribes and 11 tribal associations also filed a brief supporting Ohio, alongside the Indian Gaming Association, American Gaming Association, and Better Markets. The legal battle involves 16 states, with Minnesota banning prediction markets entirely. The CFTC and DOJ sued Minnesota after Governor Tim Walz signed the ban. President Trump supports federal control. Gensler criticized the CFTC's new proposal allowing sports betting, calling it a reversal of a 2011 rule prohibiting contracts on assassination, war, terrorism, gaming, or unlawful acts. He emphasized that issues like youth gambling are best handled at the state level.

Key facts

• Gensler filed amicus brief backing Ohio against Kalshi's prediction market.
• Dodd-Frank Act did not authorize CFTC for sports betting, Gensler argues.
• 30 Native American tribes and 11 associations support Ohio.
• 16 states in legal proceedings; Minnesota bans prediction markets.
• CFTC and DOJ sued Minnesota; Trump supports federal jurisdiction.