Gensler Files Ohio Appeals Brief Against Sports Bets as Swaps
Updated
Updated · Bloomberg · Jun 12
Gensler Files Ohio Appeals Brief Against Sports Bets as Swaps
3 articles · Updated · Bloomberg · Jun 12
Summary
Gary Gensler filed a brief Thursday in a federal appeals court in Ohio arguing sports bets do not qualify as swaps under federal financial law.
The filing directly challenges positions advanced by Kalshi and the Commodity Futures Trading Commission, which have argued sports-event contracts fall under federal oversight.
Gensler, who oversaw Wall Street regulation for much of the past 2 decades, used the brief to reject the view that financial regulators should police sports betting.
The intervention adds a prominent former CFTC leader to a legal fight over whether prediction-market products should be treated like derivatives or gambling.