Gary Gensler

Gensler contends the CFTC lacks legal authority to regulate sports betting, which properly belongs to the states. He filed an amicus brief in the 6th Circuit to that effect, notes that 39 states united against CFTC preemptive suits, and argues the CFTC was never designed or resourced to oversee millions of sports wagers. If his view prevails, DraftKings and FanDuel would continue operating under the state framework with no new federal regulatory burden, protecting their business models from intrusive CFTC oversight and preserving the state-based revenue stream that they rely on.