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senators have moved against the Commodity Futures Trading Commission's budget for litigation involving prediction markets, labeling the agency's legal actions an "assault" on state oversight authorities.
The senators' push marks an unusual cross-aisle friction point — Democratic members of Congress putting direct pressure on a federal financial regulator over its jurisdictional reach.
The Senators' Complaint The core objection is jurisdictional.
The senators characterized the CFTC's lawsuit activity in the prediction market space as an attack on the authority of state-level regulators, not a legitimate exercise of federal oversight.
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