Commodity Futures Trading Commission (CFTC) Chair Michael Selig said the agency will “no longer sit idly by” while state governments pursue litigation against federally registered exchanges, including Polymarket, Kalshi, and Coinbase (COIN). The CFTC is starting out with a “friend-of-the-court” filing on Tuesday in support of Crypto.com in the Ninth U.S. Circuit Court of Appeals, according to an opinion piece written for The Wall Street Journal. “The most common allegation is that these contracts are a form of gambling and therefore subject to state laws,” Selig wrote, noting that nearly 50 state-level cases are ... (full story)