TechTrending across 2 sourcesNew York Times1h ago
An appeals court rules states can regulate prediction markets, finding
An appeals court rules states can regulate prediction markets, finding Kalshi's sports event contracts are bets, not swaps, and subject to state gambling laws
TL;DRAppeals court says states can regulate prediction markets like gambling, not financial derivatives.
Why it matters: Creates legal uncertainty for prediction market startups; may require Supreme Court clarification on regulatory authority.
The outcome contradicted an earlier appeals court decision. Federal regulators said the split rulings called for resolution by the Supreme Court.
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