Connecticut sues Kalshi over sports contracts, a Montana judge revives a stalled case, and rivals push into MLB deals and new U.S. markets.
CFTC
Kalshi is set to hit $200B in trading volume as prediction markets expand into MLB sponsorships, with new details on political lobbying of state regulators.
New York Times reporting says Trump Jr. lobbied GOP attorneys general and the White House briefed North Carolina lawmakers on prediction markets.
Nevada says Kalshi's reliance on a new North Carolina prediction-market tax undercuts its own federal preemption case before the Ninth Circuit.
Kalshi loses more court rounds in Connecticut and Washington as the CFTC unveils a regulatory roadmap for event contracts.
Better Markets' Amanda Fischer says the Clarity Act lacks Senate votes and that states, tribes will prevail against CFTC-backed prediction markets.
CME Group's Terry Duffy sparred with Kalshi's co-founder at a CFTC hearing as horse racing's watchdog charged a respected handicapper with insider trading.
The CFTC-regulated sports exchange topped $125M in its debut week while fighting New York, Massachusetts and three other states over gambling law claims.
A Connecticut judge denied Kalshi's injunction bid, questioning CFTC power, as new geofencing deadlines and a White House meeting loom this week.
HB 2711 would add consumer safeguards for sports event contracts in Pennsylvania, but skips licensing or taxation as Kalshi fights states in court.