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Kentucky Leads New State Push to Tax Prediction Markets, Testing Limits of State Authority
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Kentucky Leads New State Push to Tax Prediction Markets, Testing Limits of State Authority
Key Takeaways ▸ Kentucky became the first state to explicitly tax prediction market platforms (14.25% on transaction fees), with Iowa (20%) and Illinois (50%) proposing similar measures, all focused on revenue capture rather than prohibition. ▸ The federal agency that oversees trading markets (the CFTC) sued three states, arguing that prediction markets are a federal matter and states don't have the authority to regulate them, a direct challeng…
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