News categoryLegal News & Updates
Legal News & Updates stories
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- Kalshi, Crypto.com and Polymarket US Sue to Block Kentucky Prediction Market Tax
A new Coalition for Fair Markets including Kalshi, Crypto.com and Polymarket US sued Kentucky over its prediction market tax and limits on gaming operators' ties to exchanges.
- Gary Gensler Warns in Ohio Brief: If Kalshi Is Right, All Sports Betting Is Illegal
Former CFTC chair Gary Gensler argues in a Sixth Circuit brief that Dodd-Frank never made the CFTC a sports betting regulator or preempted state gaming law.
- Wisconsin Asks Court to Temporarily Block Trading of Sports Event Contracts on Coinbase, Kalshi, and Robinhood
Wisconsin’s anticipated motion for injunctive relief calls trading of prediction markets connected to sporting events “open, repeated, ongoing criminal violations” of the state’s laws.
- New Mexico Attorney General Sues Kalshi in State Court Over Sporting Event Contract Trading
The lawsuit in the Santa Fe County District Court seeks an injunction blocking trades of event contracts connected to sports and a declaration that such trades qualify as sports wagering.
- Congress Members Call on Inspector General to Review CFTC Regulatory Practices
Letter mentions CFTC’s “posture concerning prediction markets” in request for investigation into the agency’s compliance and resource allocation.
- Illinois Becomes Second US State to Enact Law Regulating Prediction Markets
Illinois’ FY2027 budget includes a requirement for prediction markets to obtain licensure from gaming regulators and taxes exchanges’ revenue.
- Tennessee Appeals District Court’s Decision to Protect Kalshi From Enforcement Actions
Tennessee appealed a ruling that shielded Kalshi from state enforcement to the Sixth Circuit, a venue that may favor the state and another path to the Supreme Court.
- CFTC Sues Google Employee Over Alleged Insider Trading on Polymarket
The alleged trader used knowledge of Google’s most-searched individuals for 2025 that they had privileged access to and profited $1.2M, according to the CFTC’s complaint.
- Ninth Circuit Denies Kalshi Stay in Washington Case, Setting Up Supreme Court Appeal
Kalshi could soon file a petition for review with the US Supreme Court after the Ninth Circuit declined to afford it protection from enforcement in Washington.
- New Jersey Set to Appeal Third Circuit Ruling to Supreme Court, Keeping Kalshi Case on Hold
Both sides in Kalshi v. Flaherty asked the trial court to extend a stay until the US Supreme Court acts on New Jersey's petition.
- Kalshi Faces New Complaint From Tribal Gaming Authorities In New Mexico
A coalition of four tribes has sued Kalshi in a New Mexico federal court, alleging that trading sports-related contracts on the exchange violates the Indian Gaming Regulatory Act.
- Minnesota Governor Signs Bill With Prediction Market Restrictions to Set Up Lawsuits
Gov. Tim Walz signed an omnibus bill enacting several new public safety measures in Minnesota, including a ban on prediction market trading, on Monday.
- Minnesota Sends Prediction Market Restrictions to Gov. Walz, Setting Up Legal Showdown
The Minnesota legislature has sent a bill that would ban prediction market trading and criminalize the operation of the exchanges to Gov. Tim Walz.
- Federal Court Grants Ho-Chunk Nation Leave to Pursue Claims Against Kalshi
The US Court for the Western District of Wisconsin denied Kalshi’s motion to dismiss the Ho-Chunk lawsuit regarding potential IGRA violations.
- Fourth Circuit Panel Signals Doubts on Kalshi’s Injunction Request in Maryland
Judges in Maryland and Massachusetts cases this week were skeptical of Kalshi's claim that its sports event contracts are beyond the reach of state police powers.
- Federal Judge Permanently Blocks Arizona’s Criminal Case Against Kalshi on Preemption Grounds
A federal judge permanently barred Arizona's criminal case against Kalshi, ruling the CFTC's exclusive jurisdiction preempts state gambling law, with an appeal expected.
- Kalshi’s Sports Contract Cases Turn on Three Textual Hurdles: A Field Guide to Legal Fault Lines
Kalshi's preemption cases turn on three separate statutory questions that courts now decide without deferring to the CFTC, and circuits are starting to split.
- CFTC Escalates Fight to Wisconsin, Raising Stakes for Seventh Circuit Review
The CFTC sued Wisconsin to stop its actions against prediction market operators, making it the second Seventh Circuit state the agency has taken to court after Illinois.
- CFTC Sues New York, Opening New Front in Prediction Markets Preemption Fight
The CFTC sued New York to block its restrictions on prediction markets, as it did Arizona, Connecticut and Illinois, likely bringing the Second Circuit into the fight.
- Kalshi Loses Bid to Block Ohio Enforcement as Sixth Circuit Fast-Tracks Appeal
The Sixth Circuit denied Kalshi a stay against Ohio's enforcement but expedited its appeal, with language suggesting a hard road for its preemption argument.