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Home > Law of Code > #172 - Masterclass of the legal side of prediction markets with Samir Patel
Podcast: Law of Code
Episode:

#172 - Masterclass of the legal side of prediction markets with Samir Patel
Category: Technology
Duration: 00:27:55
Publish Date: 2026-02-09 10:00:00
Description:

How do prediction markets actually work—and why are courts, state gaming regulators, and the CFTC now battling over who has jurisdiction to regulate them?

Samir Patel is an associate at Holland & Knight in Miami, where he focuses on gambling law, prediction markets, and the intersection of crypto, derivatives, and state gaming regulation.

Timestamps:

➡️ 1:02 — What prediction markets are and how binary contracts work

➡️ 2:51 — Prediction markets vs. sports gambling: what’s legally different?

➡️ 4:02 — Are prediction markets actually “on-chain”?

➡️ 7:37 — The CFTC vs. state gaming regulators: who has jurisdiction?

➡️ 9:55 — Swaps, self-certification, and the Commodities Exchange Act

➡️ 12:06 — How courts are splitting on federal preemption

➡️ 14:39 — Why the CFTC’s silence matters more than the lawsuits themselves

➡️ 18:58 — DCMs vs. FCMs: mapping the regulatory plumbing

➡️ 22:00 — Prediction markets as information tools, not just bets

➡️ 23:30 — What this litigation could mean for crypto and DeFi governance


Sponsor: This episode is brought to you by the Decentralization Research Center (DRC), a nonprofit think tank advocating for decentralization in emerging technologies. Learn more at thedrcenter.org.


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