Episode Details

Kalshi’s prediction markets are sparking a legal firestorm: Is it legal financial trading or unlicensed sports betting in disguise? States are pushing back, claiming Kalshi operates like a sportsbook without state approval, while Kalshi argues it’s federally regulated under CFTC rules. Courts are split, with judges weighing whether these contracts are financial products or gambling disguised as finance. The outcome could redefine the future of prediction markets—federal control or state oversight?

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