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90% agree, the CFTC doesn't consider these futures contracts, it regulates them under its "contract market" authority, that Congress designated and updated peri
by yieldcrv 5mo ago
90% agree, the CFTC doesn't consider these futures contracts, it regulates them under its "contract market" authority, that Congress designated and updated periodically over time
This is the authority on the CFTC's own website on prediction markets "For more information" section
https://www.cftc.gov/LearnandProtect/PredictionMarkets https://www.cftc.gov/LearnandProtect/PredictionMarkets
https://uscode.house.gov/view.xhtml?hl=false&edition=prelim&path=&req=granuleid%3AUSC-prelim-title7-section7&fq=&num=0&saved=%7CZ3JhbnVsZWlkOlVTQy1wcmVsaW0tdGl0bGU3LXNlY3Rpb243%7C%7C%7C0%7Cfalse%7Cprelim https://uscode.house.gov/view.xhtml?hl=false&edition=prelim&...
And yes, both the Supremacy clause and the Interstate commerce clause neutralize any 10th amendment claim, unless the Federal government or any of its agencies was completely mum on the activity. But since the Federal government has exerted authority over that industry, via the interstate commerce clause, states can pound sand.
- michaefe 5mo agoOh interesting, I didn't know that about the contract market authority.
- yieldcrv 5mo agoyeah, the agencies are kind of placeholders for oversight that diverges from the agency name and mission statement Congress lobs tangentially related delegation to existing agencies so you have to check how an authority is rationalized It gets interesting
- tmaly 5mo agoHas any judge every ruled using the 10th amendment in a federal case?
- yieldcrv 5mo agoFederal judges and SCOTUS have some times ruled in favor of states or in favor of the federal government with the 10th amendment being at the center of an argument
- michaefe 5mo agoYes, I know it's not common but it is used https://www.law.cornell.edu/constitution-conan/amendment-10/state-police-power-and-tenth-amendment-jurisprudence https://www.law.cornell.edu/constitution-conan/amendment-10/...