OK, so the views I expressed in this post aren’t universal.
“This post begins with an image of a gambler and a commodity futures trader. But if you think the two people are identical, you are sadly mistaken.
“Because commodity futures trading is obviously NOT gambling.
“And anyone who says “Polymarket and Kalshi are gambling apps” is clearly misinformed.
“The two referenced apps are part of the prediction market. People buy particular predictions that either make or lose money.
“The fact that these predictions are not tangible commodities, but instead relate to future events such as sports games, is entirely coincidental and immaterial to how these apps should be regulated.
“Despite what several states claim, regulation of prediction apps properly falls under the Commodity Futures Trading Commission (CFTC)…”
Turns out a New York judge is not entirely convinced.
“A federal judge denied Kalshi’s bid to block New York from enforcing its gambling laws against the prediction markets platform, amid a growing battle between federal and state regulators over authority to police the fast-growing industry.
“In a decision on Tuesday, U.S. District Judge Analisa Torres in Manhattan said Kalshi did not deserve a preliminary injunction, because the federal Commodity Exchange Act did not supersede New York’s gambling laws as applied to Kalshi’s sports-event contracts.”
For the record, this decision was made in a federal court, not a state court.
To be continued…
Bredemarket 