Attorney General Ford Leads Bipartisan Coalition Opposing Federal Overreach in Prediction Market Regulations

Carson City, NV - Today, Attorney General Aaron D. Ford announced he has led a bipartisan coalition of attorneys general in filing a letter with the Commodity Futures Trading Commission (CTFC) stating that the agency does not have the power to regulate sports-related event contracts on prediction markets. Attorney General Ford, alongside 43 other attorneys general, filed the letter on Monday during the public comment phase for the CFTC's proposed rule on prediction market regulation.

"The rule that the federal government has proposed would infringe on states' historic right to regulate sports betting within their borders," said Attorney General Ford. "The CTFC does not have the power that it claims, and the federal government must not be allowed to disregard the sovereign powers of the states. I am proud that so many attorneys general across the aisle are standing together against this proposed rule."

Attorney General Ford and the coalition note that states have historically regulated gambling, including sports bets. In the letter, they point out that the CFTC's proposed rule "takes a sledgehammer" to the states' historic power over gambling and would give the CFTC what is essentially a veto over state policies.

Nevada is a national leader in gaming regulation, and the state's comprehensive licensing, enforcement and consumer-protection systems are designed specifically to address the risks associated with sports betting.

Attorney General Ford has been at the forefront of the fight against online prediction markets and their attempts to circumvent relevant state law, co-leading multiple amicus curiae briefs before the United States Courts of Appeal for the Third Circuit, Fourth Circuit, and Sixth Circuit over the past year.

Further, in June, under Attorney General Ford's leadership, Nevada became the first state to stop online prediction markets from operating in state, obtaining injunctions against Polymarket, Kalshi and Coinbase. When caught violating its injunction by the Gaming Control Board and after being threatened with contempt of court, Kalshi agreed to implement a third-party geofencing solution to identify and prevent anyone within Nevada's borders from entering into prohibited contracts on Kalshi's platform. Kalshi must complete this process by Aug. 12, 2026, or it will be required to pay the Gaming Control Board a penalty of $120,000 per day until implementation is complete.

Prediction markets Crypto.com and Robinhood have voluntarily ceased offering sports-, election- and entertainment-related event contracts to Nevada residents.

Attorney General Ford co-led the coalition alongside the other lead states of Ohio, Kentucky, Maryland, New Jersey, New York, Tennessee and Utah. The co-leads were joined by the attorneys general of Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Louisiana, Maine, Massachusetts, Michigan, Minnesota, Mississippi, Montana, Nebraska, New Mexico, North Carolina, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.

Review the letter - Comments related to the notice regarding Prediction Markets; Public Interest Determinations, RIN 3038-AF65, Docket No. CFTC-2026-1189, 91 Fed. Reg. 35806.

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