Bloomberg Intelligence analyst Elliot Stein believes President Trump can legally remove Jerome Powell as chair pro tem but cannot legally remove him as a Federal Reserve governor.

The CFTC under the Biden administration proposed a rule that would have banned event contracts related to elections and sports.

Prediction markets argue that their products are derivatives that should be regulated by the CFTC under the Commodity Exchange Act, which preempts state gambling laws.

The CFTC has filed an amicus brief in the Ninth Circuit in support of the prediction markets, arguing that it, not the states, should regulate the products.

Federal courts in Ohio, Michigan, and a state court in Massachusetts have issued rulings against Calci and in favor of state regulation.

The Ninth Circuit is scheduled to hold arguments next week in cases from Nevada concerning Calci, Robin Hood, and Polly Market.

The legal battle over prediction markets began when states sent cease and desist letters to companies like Calci, viewing their products as gambling.