STATEMENT: Sen. Schiff Statement on CFTC Prohibiting Prediction Markets from Geofencing

Washington, D.C. – U.S. Senator Adam Schiff (D-Calif.) released the following statement on the Commodity Futures Trading Commission (CFTC) prohibiting prediction markets from geofencing: “Sports prediction markets are sports bets. By effectively requiring prediction markets to offer contracts in all 50 states, even on Tribal lands, the CFTC is once again violating state law and Tribal sovereignty. “Despite ongoing litigation and court orders to cease offering contracts in several states and Tribal lands as recently as today, the CFTC and its rogue chairman now appear to be encouraging platforms to continue offering gambling products in contempt of these court orders. “This is the CFTC’s most egregious attempt yet to undermine state law, the Tribes, and now, the courts. The CFTC chairman has been captured by the industry and his actions reflect only their interests.” ###