Overview
Steptoe partner Trace Schmeltz authored an article in Law360 titled "Dissecting Dodd's, Gensler's Prediction Market Amicus Briefs." In this article, he discusses how former Senator Christopher Dodd and former US Commodity Futures Trading Commission Chairman and US Securities and Exchange Commission Chair Gary Gensler have urged the US Supreme Court to review the Kalshi sports event contracts case, arguing that Congress did not intend the Dodd-Frank Act to shift sports betting oversight from states and tribes to federal derivatives regulators. He unpacks the briefs' key arguments and notes their limitations and uses in the contest over whether sports event contracts qualify as federally regulated derivatives and whether federal commodities law preempts state gaming regulations. The issues raised in this alert have significant implications for exchanges, brokers, and sports prediction markets.
Read more at Law360.
