States Gain Authority

The Supreme Court agrees that the state challenge presents a major federalism question and limits the ability of CFTC-regulated platforms to bypass state gambling laws. This is plausible because 39 states create an unusually broad coalition, and recent cease-and-desist actions show coordinated state enforcement momentum.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.