Episode Details

Kalshi is taking its high-stakes legal battle to the Second Circuit, after a New York judge sided with state gambling regulators, ruling prediction markets aren’t federally exempt derivatives. The case pits Kalshi’s claim of federal oversight against state gambling laws, with courts nationwide already split on the issue. As states crack down, the CFTC backs Kalshi in a separate case, signaling a brewing national regulatory showdown that could reshape how prediction markets operate across the country.

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