The 6th US Circuit Court of Appeals ruled against prediction market Kalshi, siding with Ohio and Tennessee in their right to regulate sports-event contracts under state gambling laws. A three-judge panel unanimously found that Kalshi failed to demonstrate its sports-event contracts fall under the jurisdiction of the Commodity Futures Trading Commission. This decision follows a similar ruling from the 9th Circuit Court of Appeals last month while contradicting an April ruling from the 3rd Circuit that allowed Kalshi to operate in New Jersey. A group of state lawmakers has filed an amicus brief with the Supreme Court, which may be called upon to settle the question of jurisdiction over prediction markets.
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