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New Jersey takes fight over Kalshi's prediction market to US Supreme Court
The petition cites a split between federal appeals courts over whether the Commodity Exchange Act overrides state gambling laws for CFTC-registered markets.
- On Tuesday, New Jersey petitioned the Supreme Court to resolve how prediction markets should be governed, challenging a lower court ruling that favored KalshiEX LLC and seeking nationwide regulatory clarity.
- A legal conflict emerged when the Ninth Circuit Court ruled last week that states can regulate prediction markets as sports betting, directly contradicting the Third Circuit Court's April decision favoring federal jurisdiction.
- New Jersey Attorney General Jennifer Davenport argues prediction firms "have no right to offer their sports bets without following state law," a position shared by a bipartisan coalition of 44 states.
- Chairman Mike Selig of the Commodity Futures Trading Commission maintains exclusive federal jurisdiction over these markets, while the Trump administration has aggressively asserted these offerings are "swaps" subject to federal oversight.
- Justices may choose to wait until fall to decide whether to hear the case, potentially allowing other pending disputes to resolve first. If accepted, a ruling could arrive by next summer.
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20 Articles
First challenge to prediction markets reaches Supreme Court
New Jersey on Wednesday asked the Supreme Court to shut down prediction markets in the state, teeing up a potential landmark case where the justices could decide if the highly popular but controversial industry can survive in its current form.
·Atlanta, United States
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New Jersey takes fight over Kalshi's prediction market to US Supreme Court
New Jersey authorities on Wednesday asked the U.S. Supreme Court to resolve whether states have the power to police sports betting that occurs on prediction markets operated by Kalshi and competing platforms.
·London, United Kingdom
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Total News Sources20
Leaning Left4Leaning Right0Center11Last UpdatedBias Distribution73% Center
Bias Distribution
- 73% of the sources are Center
73% Center
L 27%
C 73%
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