The CFTC told the U.S. District Court for the Southern District of New York that federal law gives it exclusive authority over event-based contracts and sued to block New York from enforcing state gambling laws against those markets. The filing sharpens an ongoing federal-state dispute over whether prediction markets are federally supervised products or state-regulated gambling. The new report also adds that New York previously sued Coinbase and Gemini and ordered Kalshi to stop offering some sports-related contracts.