Gary Gensler Joins Prediction Market Fight, Shakes Up Regulatory Landscape
Former SEC and CFTC chair Gary Gensler is wading into the legal battle over prediction markets, filing an amicus brief backing Ohio against Kalshi. His intervention, arguing Dodd-Frank wasn't meant to regulate sports betting, could escalate the fight and potentially reach the Supreme Court.
Gary Gensler, the man who spearheaded some of the SEC's most aggressive crypto crackdowns, is now taking aim at prediction markets. He's thrown his weight behind Ohio in its legal spat with Kalshi, arguing that the Dodd-Frank Act, which he helped craft, was never intended to cover sports betting. This move is a curveball, positioning Gensler against a CFTC proposal that could legitimize such markets.