Yeah, and gambling has a clear precedent for state (and tribal) right to regulate.
The question at hand here isn’t either of our points. The question is whether or not prediction markets are gambling with lipstick on.
The question at hand here isn’t either of our points. The question is whether or not prediction markets are gambling with lipstick on.
when federal law is completely absent, states have the right to behave however they want, thats the 10th amendment
federal law is not absent, state laws are curbed, in its simplest interpretation
1. Preemption is not absolute, there is a framework of case law for applying it and it sometimes does allow states to have more restrictive laws.
2. The idea that this activity is legitimately regulated under federal law is contested. If CFTC stepped outside of their authority in approving it, then there is no basis for preemption.