Story perspectives

Mulvaney's Coalition Battles CFTC Over Prediction Markets Regulation

3/4/2026

Summary

Mulvaney Fights Gambling Regulation

Mick Mulvaney launched the "Gambling Is Not Investing" coalition to pursue state regulation of prediction markets.
Mulvaney argues these markets function as illegal gambling and mislead by rebranding betting as 'trading'.
Mulvaney's coalition aims to challenge the CFTC's oversight, which currently protects these platforms.
Several states, including Nevada, are suing to assert their regulatory authority.
CFTC Chair Mike Selig has expressed support for prediction markets, signaling a contentious legal battle.

History

Historical Context

The Gambling Act of 2005, enacted under Prime Minister Tony Blair's Labour government, established a comprehensive regulatory framework for gambling in the UK, including online betting. It aimed to protect consumers and prevent illegal gambling, leading to the creation of the Gambling Commission. Today, debates continue over the classification of prediction markets, reflecting ongoing tensions in gambling regulation and consumer protection.

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Mulvaney Fights Gambling Regulation

Mick Mulvaney launched the "Gambling Is Not Investing" coalition to pursue state regulation of prediction markets.
Mulvaney argues these markets function as illegal gambling and mislead by rebranding betting as 'trading'.
Mulvaney's coalition aims to challenge the CFTC's oversight, which currently protects these platforms.
Several states, including Nevada, are suing to assert their regulatory authority.
CFTC Chair Mike Selig has expressed support for prediction markets, signaling a contentious legal battle.

1 / 2