Prediction markets legal battles heat up in Minnesota, Rhode Island
Kalshi sued Minnesota while the CFTC filed against Rhode Island as legal wrangling with state-level authorities seems likely headed to the US Supreme Court.
Bitcoinist·
Kalshi has ramped up its battle over prediction markets by filing a lawsuit against the state of Minnesota. The lawsuit challenges a recently passed law that would restrict most prediction market activity and impose criminal penalties on certain event-based contracts. Kalshi And Minnesota Clash At the core of Kalshi’s lawsuit is its jurisdiction argument. The […]
Read full articleKalshi sued Minnesota while the CFTC filed against Rhode Island as legal wrangling with state-level authorities seems likely headed to the US Supreme Court.
Josh Stevens, VP of Engineering at Polymarket, denied reports indicating that the prediction market platform would shift to a model requiring full customer ID for its operations. Kalshi’s Head of Enforcement, Robert J. DeNault, called Polymarket to enhance its compliance policies, as insiders were “using the platform left and right.” Kalshi Criticizes Polymarket’s Compliance Policies: […]
Prediction market giant Kalshi has asked a federal judge to prevent Minnesota from allowing the ban to go into effect in August.
The case highlights vulnerabilities in prediction markets, prompting increased scrutiny and potential regulatory changes to prevent insider trading. The post Polymarket faces insider trading scrutiny as Google engineer charged with fraud appeared first on Crypto Briefing.
This case underscores the legal risks of exploiting corporate data in prediction markets, potentially tightening regulatory scrutiny on such platforms. The post Google engineer charged with insider trading on Polymarket after $1.2M in alleged profits appeared first on Crypto Briefing.
Institutional interest in prediction markets raises questions around liquidity, market depth, event risk and the line between trading and betting.
The post States have lost $1 billion due to prediction markets: Gaming association appeared on BitcoinEthereumNews.com. The American Gaming Association now estimates that states have missed out on more than $1 billion in tax revenue due to the rise of prediction markets. In an appearance on CNBC’s “Squawk Box” detailing the estimate, association president and CEO Bill Miller said that the lost money has consequences for communities due to the taxes states collect on regulated gambling. “It’s about states and tribes that are losing literally a billion dollars today in state and tribal revenue that would otherwise go to fund important community projects,” he said, referencing the consequences it has on Native American casinos’ revenues too. Miller — whose organization is an advocate for casino operators, manufacturers and employees — said prediction markets amount to “backdoor sports betting.” The only difference, in his view, is that they aren’t regulated in the same way as sportsbo
Gemini's partnership with SpaceXAI could reshape prediction markets by enhancing user engagement and fostering competitive innovation in the sector. The post Gemini taps SpaceXAI to develop personalized prediction markets feed appeared first on Crypto Briefing.