Appeals Courts Increasingly Side With States in Prediction Market Fight
- —Sixth Circuit lifted Kalshi's injunction against Tennessee, holding its sports contracts are not swaps under the CEA
- —Appellate scoreboard now 2-1 against Kalshi: Ninth and Sixth Circuits against, Third Circuit in favor
- —New York sued Polymarket over alleged unlicensed sports wagering, including allowing users aged 18-20
- —New Jersey, Robinhood and Crypto.com have asked the Supreme Court to review prediction market rulings
Why it matters: The outcome will determine whether prediction markets can operate nationwide under CFTC licenses or must comply with state gambling laws.
Source: Bankless
More on this
Regulation · Sep 15CFTC seeks exclusive jurisdiction over prediction markets in New York court
Regulation · Sep 17US appeals court revives tribes' lawsuit against Kalshi sports contracts
Exchanges · Sep 25Morgan Stanley Joins NEXTPredict as Prediction Markets Court Institutional Capital