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ARTICLE · 05 NOVEMBER 2026

FinTech Five

Lowenstein Sandler LLP
Lowenstein Sandler LLP
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Lowenstein Sandler LLP

Lowenstein Sandler LLP

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Federal and state regulators clash over prediction market oversight as courts weigh preemption arguments, while the CFTC and SEC advance new trading products and clearing frameworks for digital assets...

United StatesFinance and Banking
Ethan L. Silver
Ethan L. Silver
William Brannan
William Brannan

1.  Federal Court Enjoins Illinois From Enforcing Certain Gambling Laws Against Prediction Markets

On October 30, the U.S. District Court for the Northern District of Illinois entered a preliminary injunction prohibiting Illinois officials from enforcing state gambling laws against the trading of swaps, including sports-related event contracts, listed on or available through Commodity Futures Trading Commission (CFTC)-regulated designated contract markets and futures commission merchants. The injunction follows the court’s October 2 ruling in consolidated litigation involving Kalshi, Coinbase, and the CFTC, in which the court concluded that the plaintiffs were likely to succeed on their claims that the Commodity Exchange Act preempts certain Illinois gambling laws as applied to federally regulated event contracts. The injunction restricts enforcement of covered licensing requirements, associated fees and taxes, and certain civil and criminal provisions and investigative processes.

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