Prediction Market Triumph: Kalshi Wins Federal Court Battle in New Jersey
A federal appeals court ruled that New Jersey cannot regulate Kalshi's prediction market, as the CFTC has exclusive jurisdiction over sports event contracts - a major victory for the platform.
In a significant legal victory for Kalshi, a federal appeals court has ruled that the state of New Jersey cannot prevent the prediction market platform from allowing residents to place financial bets on the outcomes of sporting events. The three-judge panel of the Philadelphia-based third US circuit court of appeals delivered a 2-1 decision, affirming that the US Commodity Futures Trading Commission (CFTC) has exclusive jurisdiction over the sports-related event contracts facilitated by Kalshi.
This ruling marks a major win for the innovative prediction market, which has been at the forefront of the rapidly evolving financial technology landscape. Kalshi's platform allows users to trade contracts based on the outcomes of various events, providing a unique avenue for individuals to speculate and hedge their bets.
Source: The Guardian
