New Jersey has asked the Supreme Court to take the case, with the NFL weighing in.
The hit
Kalshi CEO Tarek Mansour said the real stakes in prediction markets’ legal fight aren’t state versus federal oversight, but whether the industry stays in the US at all. Speaking at DC Fintech Week, Mansour said he feels “pretty good” about Kalshi’s position, according to CoinDesk.
Why it matters
States argue Kalshi’s sports-linked event contracts are illegal gambling under their jurisdiction, not federally regulated financial products. If courts side with states, Mansour says, operators would be forced offshore.
The record
| Appeals courts ruling on jurisdiction | 1 for Kalshi, 2 for states (CoinDesk) |
|---|---|
| Party asking Supreme Court to hear case | New Jersey |
| Group filing views with the Supreme Court | National Football League |
| CFTC rule placing event contracts under federal swaps definition | issued last week, with a second proposed (CoinDesk) |
What happens next
Watch for the US Supreme Court’s decision on whether to take New Jersey’s case.
Sources: Kalshi CEO says state-led oversight of U.S. prediction markets would push them out
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