US Appeals Court Rules States Hold Power Over Prediction Markets Like Kalshi

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A US appeals court has ruled against Kalshi, affirming that states retain regulatory authority over prediction markets and event contracts. The decision marks a significant legal setback for the prediction market platform. The ruling has created a conflict between different federal courts over how event contracts should be regulated. Legal analysts suggest the disagreement between federal courts may ultimately require the US Supreme Court to step in and resolve the matter.

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