Prediction markets may be heading to the US Supreme Court, and a long list of opponents has already filed.
📌 What happened
Per CoinDesk, the Court has not said whether it will hear the case, docket 26-299. Kalshi received an extension and now has until November 9 to respond. Amicus briefs from 39 states plus DC, 145 tribal nations, the NFL, former Sen. Chris Dodd and Gary Gensler mostly back the states.
🔍 Why it matters
• Appeals courts disagree: the Third Circuit sided with the CFTC, while two others called sports contracts gambling for states to regulate
• The CFTC moved in parallel on October 9 with an interim final rule and a proposal treating event contracts as swaps
• Polymarket, built on Polygon where $POL is the native token, is a big player in this market
👀 What to watch
• Whether the Court grants review after Kalshi's filing
• Risk: a ruling for the states could split the US market state by state
💬 Who should regulate sports prediction markets, states or the CFTC?
#PredictionMarkets #SCOTUS
📌 What happened
Per CoinDesk, the Court has not said whether it will hear the case, docket 26-299. Kalshi received an extension and now has until November 9 to respond. Amicus briefs from 39 states plus DC, 145 tribal nations, the NFL, former Sen. Chris Dodd and Gary Gensler mostly back the states.
🔍 Why it matters
• Appeals courts disagree: the Third Circuit sided with the CFTC, while two others called sports contracts gambling for states to regulate
• The CFTC moved in parallel on October 9 with an interim final rule and a proposal treating event contracts as swaps
• Polymarket, built on Polygon where $POL is the native token, is a big player in this market
👀 What to watch
• Whether the Court grants review after Kalshi's filing
• Risk: a ruling for the states could split the US market state by state
💬 Who should regulate sports prediction markets, states or the CFTC?
#PredictionMarkets #SCOTUS