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A lawsuit between KalshiEx LLC (Kalshi) and New Jersey state gaming regulators in the Third Circuit is testing the balance between federal commodities regulation and state authority regarding sports betting. Kalshi operates...more
Prediction market platform Kalshi has secured a preliminary injunction against the New Jersey Division of Gaming Enforcement (the Division), preventing the state from enforcing a cease-and-desist order that aimed to halt...more
As election season peaks, derivatives trading platforms are listing “election contracts,” which enable purchasers to bet fiat and crypto on the outcome of U.S. presidential and other elections. Election contracts are a type...more
On September 12, 2024, Judge Jia Cobb of the U.S. District Court for the District of Columbia (the Court) formally issued a memorandum opinion (the Order) in favor of KalshiEX LLC (Kalshi), a prediction market registered with...more
On September 6, 2024, the U.S. District Court for the District of Columbia ruled in favor of KalshiEx LLC ("KalshiEx"), lifting a September 2023 order issued by the Commodity Futures Trading Commission ("CFTC") prohibiting...more
Kalshi is a CFTC registered exchange that allows for the placing of cash bets on a variety of real-world events. Specifically, through what it calls “event contracts,” Kalshi allows users to buy positions on whether an event...more
As we have previously noted, the Commodity Futures Trading Commission (CFTC) continues to face legal challenges to its regulatory approach to political event contracts. The past two weeks have seen a flurry of activity in the...more