David Schwartz, Ripple's chief technology officer, has pushed back against the assertion that the U.S. Commodity Futures Trading Commission's regulatory authority is constrained. In his view, such an argument “seems incorrect.” The real question, he said, is whether Congress authorized the regulation of gambling through exchange-traded contracts, and not whether the major questions doctrine should be applied to limit federal power. Schwartz's remarks came after the U.S. Ninth Circuit Court of Appeals issued a ruling on Friday that backed the Nevada Gaming Control Board's oversight of Kalshi. The appellate court concluded that Kalshi's sports contracts qualify as gambling. It also said that the CFTC is not a national gambling regulator and that it would be difficult to find that Congress, through the Wall Street reform law, intended to overturn decades of state-level gambling regulation. The information was reported by U.Today.
David Schwartz, Ripple's chief technology officer, has rejected the argument that the U.S. Commodity Futures Trading Commission's regulatory authority is limited, calling it 「seemingly incorrect」.
According to Schwartz, the real question in the Kalshi case is whether Congress authorized the regulation of gambling through exchange-traded contracts. He contended that this is not a matter of applying the major questions doctrine to curb federal powers.
His comments follow a Friday ruling by the U.S. Ninth Circuit Court of Appeals, which sided with the Nevada Gaming Control Board in its oversight of Kalshi. The court found that Kalshi's sports contracts are a form of gambling. It added that the CFTC is not a national gambling regulator and that it is hard to see how Congress intended the Wall Street reform law to upend decades of state-based gambling regulation.
The report was published by U.Today.
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