CLARKE v. COMMODITY FUTURES TRADING COM'N

No. 22-51124.

74 F.4th 627 (2023)

Kevin CLARKE; Trevor Boeckmann; Harry Crane; Corwin Smidt; Aristotle International, Incorporated; Predict It, Incorporated; Michael Beeler; Mark Borghi; Richard Hanania; James D. Miller; Josiah Neeley; Grant Schneider; Wes Shepherd, Plaintiffs-Appellants, v. COMMODITY FUTURES TRADING COMMISSION, Defendant-Appellee.

United States Court of Appeals, Fifth Circuit.

FILED July 21, 2023.


Attorney(s) appearing for the Case

Michael J. Edney , Hunton Andrews Kurth, L.L.P., Washington, DC, Shannen Wayne Coffin , Steptoe & Johnson, L.L.P., Washington, DC, for Plaintiffs-Appellants.

Martin B. White , Anne Whitford Stukes , Deputy General Counsel, U.S. Commodity Futures Trading Commission, Office of General Counsel, Washington, DC, for Defendant-Appellee.

Renee Flaherty , Institute for Justice, Arlington, VA, Jeff Rowes , Staff Attorney, Institute for Justice, Texas Chapter, Austin, TX, for Amicus Curiae Institute of Justice.

Russell Ryan , New Civil Liberties Alliance, Washington, DC, for Amicus Curiae New Civil Liberties Alliance.

Before Graves, Ho, and Duncan, Circuit Judges.


The PredictIt Market is an online marketplace that lets people trade on the predicted outcomes of political events. Essentially, it is a futures market for politics. In 2014, a division within the Commodity Futures Trading Commission ("CFTC") issued PredictIt a "no-action letter," effectively allowing it to operate...

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