CFTC sues New Mexico over prediction‑market jurisdiction

The U.S. Commodity Futures Trading Commission filed a federal lawsuit on June 12 against New Mexico, seeking a permanent injunction to stop the state from applying its gaming laws to CFTC‑registered prediction‑market contracts. The complaint targets Governor Michelle Lujan Grisham, Attorney General Raúl Torrez and members of the state Gaming Control Board.

The dispute follows New Mexico’s June 4 suit against Kalshi, accusing the platform of offering unlicensed online sports betting and allowing users aged 18‑20 to trade contracts, below the state’s minimum gambling age of 21. The CFTC argues that such event contracts are “swaps” under the Commodity Exchange Act and fall under exclusive federal jurisdiction, not state gambling rules. This case is the eighth state‑level challenge the commission has brought as part of a broader effort to preserve its authority over prediction‑market platforms nationwide.