Federal regulators are stepping into an escalating court battle over prediction markets, backing Kalshi’s challenge to Rhode Island’s attempt to block sports-related event contracts. On Thursday (May 28), the Commodity Futures Trading Commission and the United States asked to intervene in a case pending in the U.S. District Court for the District of Rhode Island. The filing focuses on what federal officials describe as a jurisdictional conflict between state gaming regulators and the federal framework governing derivatives markets. As I’ve said before, the @CFTC has the expertise and responsibility to defend its exclusive jurisdiction over commodity derivatives.  That's exactly what we've done today by demanding Rhode Island cease its attempts to preempt federal regulation of prediction markets.…