Ben Sperry Quoted in Reason on Minnesota’s Prediction-Market Ban
Reason Foundation quoted Ben Sperry, ICLE Senior Scholar of Innovation Policy and Lead Counsel, in a piece on a federal court’s decision to block Minnesota’s ban on prediction markets. The article discussed whether the Commodity Exchange Act preempts state restrictions on platforms such as Kalshi and Polymarket. Read the full piece here.
Federal law defines swaps as “any agreement, contract, or transaction” in which payment is contingent on the “occurrence” or “nonoccurrence” of future events with “potential financial, economic or commercial consequences,” meaning most wagers on prediction markets fall under the umbrella of swaps. Ben Sperry, senior scholar of innovation policy and lead counsel at the International Center for Law & Economics, tells Reason that the “vast majority” of contracts lawmakers are concerned with prohibiting “squarely fit” the federal definition of a swap.