Prediction markets fight reaches the U.S. Supreme Court
- —IAGR and NAGRA backed New Jersey's appeal to SCOTUS on October 3
- —An Illinois court ruled on October 2 that Kalshi's contracts are likely swaps under the CEA
- —Courts in Ohio and Tennessee held that state gambling laws apply
- —Kalshi and Polymarket topped $70 billion in monthly volume for the first time, hitting $71 billion in September
Why it matters: The ruling will decide whether the CFTC or individual states oversee prediction markets in the U.S., shaping the entire sector.
Source: AMBCrypto