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The US CTFC and Department of Justice sue Illinois governor and attorney general, accusing them of lacking authority to regulate prediction markets.
ChainCatcher message, according to Reuters, the U.S. Commodity Futures Trading Commission (CFTC) and the Department of Justice (DOJ) have filed a lawsuit against the governor and attorney general of Illinois, alleging that they attempted to regulate prediction markets beyond their legal authority.
The two agencies said the relevant regulatory measures in Illinois are ineffective because the state government has no authority to oversee federally regulated prediction markets. The lawsuit emphasized protecting innovative financial instruments from overreach by local governments.