A judge in Washington state has ordered prediction markets platform Kalshi to cease its sports and political betting operations, with fines of 120,000 dollars per day for non-compliance. This ruling directly opposes the position of the CFTC, the federal derivatives regulator, which had instructed Kalshi to continue operations across the entire United States. The platform, currently in discussions for a valuation of 40 billion dollars, must implement an IP-based geoblocking system by August 19. Michigan and Nevada have imposed similar requirements, and the CFTC has filed lawsuits against several states to assert federal law over local regulations. This legal battle is reshaping the boundaries between financial instruments and gambling across the United States.
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