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ARTICLE · 10 APRIL 2026

FinTech Five

Lowenstein Sandler LLP
Lowenstein Sandler LLP
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Lowenstein Sandler LLP

Lowenstein Sandler LLP

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On April 2, the Commodity Futures Trading Commission (CFTC) and the Department of Justice (DOJ) filed lawsuits against Arizona, Connecticut, and Illinois, challenging each state's enforcement...

United StatesTechnology
Ethan L. Silver
Ethan L. Silver
William Brannan
William Brannan

1. CFTC and DOJ Sue Arizona, Connecticut, and Illinois To Defend Federal Jurisdiction Over Prediction Markets

On April 2, the Commodity Futures Trading Commission (CFTC) and the Department of Justice (DOJ) filed lawsuits against Arizona, Connecticut, and Illinois, challenging each state’s enforcement actions against CFTC-registered designated contract markets that facilitate trading in event contracts. The CFTC argues that the Commodity Exchange Act grants it exclusive jurisdiction over prediction markets and that state-level enforcement creates the “fragmented patchwork” of regulation that Congress sought to prevent. Each state had taken a different enforcement path: Arizona filed criminal charges against Kalshi in March 2026 after issuing a cease-and-desist letter in May 2025; Connecticut’s Department of Consumer Protection issued cease-and-desist letters to Kalshi, Crypto.com, and Robinhood Derivatives in December 2025; and Illinois sent cease-and-desist letters to multiple

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