Discussing Clarke v. CFTC: The Case of PredictIt & the CFTC's No-Action Letter

In July of 2023, the Fifth Circuit reversed the district court's decision in Clarke v. CFTC, and remanded with instructions to enter a preliminary injunction against the Commodity Futures Trading Commission. The case is one concerning the CFTC's revocation of its "no-action letter" concerning PredictIt Market. PredictIt Market is an online marketplace for people to trade contracts predicting important political events, started as a research tool by Victoria University of Wellington in New Zealand. Before going into operation, PredictIt sought a "no-action letter" from the CFTC to operate in the US without registering under the Commodity Exchange Act as a designated contract market, which the CFTC issued in 2014. However, in August 2022, the CFTC withdrew the letter and issued notice to PredictIt to cease operations within 6 months, which led to suit being filed by supporters of PredictIt. Questions included whether the revocation was arbitrary and capricious, whether the letter constituted "final action" on the part of the agency, and whether the plaintiffs had standing to sue. Join us as a panel of experts discuss this interesting case. Featuring: Michael Edney, Partner, Hunton Andrews Kurth LLP Hon. David Mason, General Counsel and Chief Compliance Officer, Aristotle International Connor Raso, Deputy General Counsel, Public Company Accounting Oversight Board (Moderator) Russ Ryan, Senior Litigation Counsel, New Civil Liberties Alliance