New York sues Kalshi, says prediction market is running 'illegal gambling operation'

It comes after a federal judge earlier this month denied Kalshi's attempts to intervene against the state's Gaming Commission.

The top 3

  1. Top US States with Strictest Prediction Market Laws: Minnesota enacted the first state law to criminalize prediction markets, though a federal judge temporarily blocked it, and states like Nevada, Massachusetts, Maryland, and Ohio have also moved against prediction markets.
  2. Global Hotspots for Legal Prediction Markets: Globally, regulation is fragmented; while some Latin American countries like Bolivia, Chile, Ecuador, Peru, and Uruguay have no specific laws against prediction markets, Europe has a patchwork approach, with Gibraltar being the first to issue a dedicated prediction market license.
  3. CFTC's Role in US Prediction Market Regulation: The Commodity Futures Trading Commission (CFTC) asserts exclusive federal jurisdiction over prediction markets as derivatives under the Commodity Exchange Act, leading to conflicts with states that view them as gambling.

Sources

Open the full topic