Source: New York Post
A US appeals court ruled Friday that Ohio and Tennessee can regulate Kalshi’s so-called event contracts under gambling laws, dealing the prediction market giant one of its biggest legal blows yet. The ruling by the 6th US Circuit Court of Appeals – which focused on sports bets, Kalshi’s main cash cow – said the company has failed to demonstrate that its event contracts are “swaps” that should be regulated exclusively by the federal Commodity Futures Trading Commission. The question of whether state law applies to Kalshi and other prediction market operators has been a hotly contested issue, with the companies enjoying a light regulatory touch from the CFTC to date.
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