44 states are aligned on one thing in their fight against prediction markets. It's about sports wagering

The Commodity Futures Trading Commission headquarters in Washington, Dec. 23, 2022.Ting Shen | Bloomberg | Getty ImagesA coalition of 44 state attorneys general wrote in a letter to the Commodity Futures Trading Commission on Monday that the agency doesn't have the power to regulate sports-related event contracts on prediction market platforms. The letter was sent as the public comment period for the CFTC's first proposed rule on prediction market regulation expired Monday evening. The measure primarily focuses on exchanges' sports offerings."The Proposed Rule goes beyond the CFTC's statutory powers, is in tension with the Constitution, and would otherwise be arbitrary and capricious in its current form," wrote the coalition of states attorneys general, led by Ohio Attorney General Andy Wilson. "The CFTC should start afresh with its rulemaking and clarify that sports bets and gambling cannot be traded on [designated contract markets], but are instead subject to state law."Attorneys general representing Florida, Georgia, New Hampshire, Missouri and Texas did not sign the letter. States and the CFTC have been locked in a jurisdictional battle ever since prediction market exchanges' v...