Regulations
By Evie Vavasseur
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What Shelby Actually Said. Shelby's decision granted Utah summary judgment. He said the CEA framework allows for multiple…
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New York Moves Fast, Other States Watch. New York's attorney general didn't wait long. Within what seemed like hours of Shelby's decision…
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What a Supreme Court Fight Could Mean. The Tenth Circuit appeal probably matters more than any single state ruling at this point.
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A Utah federal judge handed Kalshi a sharp loss Tuesday. U.S. District Judge Robert J. Shelby ruled that the Commodity Exchange Act doesn't wipe out Utah's anti-gambling statutes…
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The ruling is a pretty significant blow, not just because of Utah specifically, but because of what it sets in motion.
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Shelby's decision granted Utah summary judgment. He said the CEA framework allows for multiple interpretations and doesn't fully knock out state gambling laws.
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Utah's position here isn't soft. The state's constitution enshrines a strict anti-gambling stance, and the legislature recently expanded the definition of gambling to…
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Utah Attorney General Derek Brown said Kalshi's strategy of rebranding betting as a federal commodity failed.
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Kalshi spokesperson Jacki McGavick pushed back, said the company disagrees with the ruling, and confirmed Kalshi will keep operating in Utah while legal proceedings continue.
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New York's attorney general didn't wait long. Within what seemed like hours of Shelby's decision landing, New York used the ruling as supplemental authority in its own case…
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Read also: CLARITY Act Slides Toward 2027 as Thune Skips Cloture and Kalshi Bets Shift
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It's not just New York and Utah. Over 40 states have opposed the Commodity Futures Trading Commission's claim to exclusive jurisdiction over prediction markets.
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Washington state granted an injunction against Kalshi too, blocking its preemption defense there. So the losses are stacking up.
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The Tenth Circuit appeal probably matters more than any single state ruling at this point. If the Tenth Circuit sides with Utah and other circuits have gone differently — New…
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A Supreme Court ruling on prediction market jurisdiction would reshape the entire sector. Right now the regulatory picture is fragmented and kind of chaotic — some states…
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