Denault says the brief argues that prediction markets serve an important economic purpose, function as federally regulated exchanges rather than sportsbooks or casinos, and require exclusive nationwide federal oversight under the CFTC.
According to the filing, applying a patchwork of state gambling laws would undermine prediction markets’ core benefits, including price discovery, information aggregation, and risk hedging. The brief adds another significant voice to the growing legal debate over federal versus state authority.
Biden Admin Solicitor General Elizabeth Prelogar just weighed in on the fight between prediction markets and states with a powerful brief for @PredictAction.
One major takeaway: this is not a D versus R issue, but a casino versus consumer issue.
A quick 🧵on her argument. pic.twitter.com/JTzBJZEXN2
— robertjdenault (@robertjdenault) June 25, 2026
