Fantasy sports operator Sleeper Markets has filed a civil lawsuit against the Commodity Futures Trading Commission and its Acting Chair, Caroline Pham, accusing the agency of blocking its application for a futures commission merchant license.
The complaint was filed in the US District Court for the District of Columbia yesterday (September 29).
The company submitted its application in May 2025 and claims to have met all regulatory deadlines. By August, the National Futures Association had reportedly deemed the application complete and ready for approval.
According to Sleeper, the Commodity Futures Trading Commission instructed the National Futures Association not to approve the application, leaving it unresolved for more than a month without explanation or a formal hearing.
