New Jersey takes fight over Kalshi's prediction market to US Supreme Court
The state says federal appeals courts are split on whether Kalshi’s sports contracts are swaps or gambling, and 20 states have challenged the platforms.
- 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.
53 Articles
53 Articles
Kalshi sports contracts dispute heads to Supreme Court
New Jersey has asked the U.S. Supreme Court to decide whether federal derivatives law prevents states from regulating sports contracts offered by CFTC-registered prediction markets. A Sept. 2 court filing shows that New Jersey has petitioned the Supreme Court for…
New Jersey wants to bring prediction market Kalshi to Supreme Court
New Jersey Attorney General Jennifer Davenport filed a petition with the Supreme Court on Wednesday, asking the justices to determine whether prediction market company Kalshi can offer sports contracts despite state gambling laws. Kalshi, the most popular prediction market in the United States, allows users to place yes-or-no bets on future events, ranging from the […]
STOCK MARKET: New Jersey asks the Supreme Court to take on prediction markets
Thomas Fuller | SOPA Images | Lightrocket | Getty Images New Jersey has asked the Supreme Court to review a case that could determine whether states or the federal government have oversight of prediction markets. “We’re calling on the Supreme Court to resolve this issue and recognize that Congress did not silently make the sports-betting industry immune from state law,” said Jennifer Davenport, New Jersey’s attorney general in a statement. In th…
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