Since August 2022, when the CFTC revoked PredictIt's no-action letter, the agency has refused to outline the precise reasons why it suddenly seeks to shut down the site.

Facing tough questions from the judges on the 5th Circuit Court of Appeals, the CFTC finally laid out its case in a filing to the court.

Casino.com reporter Steve Bittenbender and Pratik analyze the filing, as well as PredictIt's response.

Editor's Note: This episode was recorded before the CFTC's March 23 filing, which will be covered in a future podcast.