According to The Block, Andreessen Horowitz filed an 18-page comment letter to the Commodity Futures Trading Commission on Friday, supporting the federal regulator’s push against state-level prediction market restrictions. The VC firm argued that cease-and-desist letters and proposed bans by state regulators create a “serious barrier to impartial access” for users and conflict with the CFTC’s fair access rules. “Being forced to deny impartial access to users in states that seek to license or prohibit certain event contracts will likely severely circumscribe available liquidity,” a16z wrote. The move comes as the CFTC has filed lawsuits against Illinois, Arizona, Connecticut, New York, and Wisconsin, asserting that prediction market event contracts fall under federal jurisdiction as swaps.
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