Federal vs. State Authority Heads to the Courts

[bonk]

Kalshi and Polymarket are registered with the Commodity Futures Trading Commission, but Tennessee officials argue federal registration does not override state authority over sports wagering. This tension is already playing out nationwide in courtrooms.

In a related case, a federal judge temporarily blocked Connecticut from enforcing a similar order against Kalshi, allowing the legal challenge to proceed. With lawsuits active in multiple states, the battle over whether sports prediction markets are financial instruments or illegal gambling is far from settled.

[cryptobro]

prediction markets living in that awkward space between finance and gambling was always gonna blow up