Regulating Prediction Markets: A Shifting Landscape The 9th US Circuit Court of Appeals' ruling against Kalshi marks another chapter in the ongoing saga of states trying to assert their authority over prediction markets.
The decision, which favors Nevada's regulatory approach, highlights the struggle of existing frameworks to keep pace with innovation in this space.
At stake are not only the livelihoods of companies like Kalshi but also the future of the industry as a whole. Prediction markets have been growing rapidly, drawing more states into the fray.