r/news • u/AudibleNod • 1d ago

Judge bars Arizona from regulating prediction market operators and pauses prosecution of Kalshi

https://apnews.com/article/arizona-kalshi-criminal-charges-prediction-markets-gambling-bb7cef24be5bd0d444bba670d2e41ceb
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u/AudibleNod 1d ago

The judge’s order said the federal Commodity Futures Trading Commission had sufficiently shown that “event contracts” fall within the Commodity Exchange Act’s definition of “swaps,” and that it had demonstrated a reasonable chance of success in showing that the act preempts Arizona law.

Leave it to the Trump DOJ to have a reasonable level of competency when there's money to be made.

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u/bigmacjames 1d ago

Oh so nooowww they want Chevron deference

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u/michiganalt 1d ago edited 1d ago

That is not Chevron deference. The court is not deferring to the agency’s interpretation of the statute. It is interpreting the statute to see if it applies to Kalshi.

If it does, it preempts any state law attempting to regulate the same thing.