WASHINGTON, Feb. 24 -- Sen. Martin Heinrich issued the following news release:
U.S. Senator Martin Heinrich (D-N.M.) sent a letter (https://www.heinrich.senate.gov/imo/media/doc/letter_to_cftc_on_prediction_markets.pdf) to urge U.S. Commodities Future Trading Commission (CFTC) Chairman Michael Selig to abstain from intervening in pending litigation involving prediction markets and to uphold the CFTC's policy banning unlicensed gambling through these marketplaces, including wagers on sporting events.
Prediction markets sell "yes" or "no" positions on the outcome of an event. Companies hosting these markets continue to argue that these bets are legally financial derivatives falling under the exclusive federal jurisdiction of the CFTC and ef...