Prediction markets are headed for a legal reckoning. The Commodity Futures Trading Commission and state regulators are battling over who gets to police the fast-growing platforms, a conflict that could force the Supreme Court to settle the question before the end of next year, according to Flip Pidot, a prediction market executive with nearly 20 years of experience in the industry.
“When you have a high-stakes intergovernmental conflict where a federal regulator like the CFTC is opposed in their position to a supermajority of state attorneys general… then that can get the Supreme Court’s attention,” Pidot, the Chief Strategy Officer at PredictIt, told Fortune.
