The KALSHI prediction market filed a lawsuit against the Games Monitoring Council in Nevada and the New Jersey section to enforce games after both state organizers sent the company to stop the company to stop all contracts related to sports in the United States.
The Kalshi Legal team argued that the contracts fall under the jurisdiction of the CFTC Futures Trading Committee, and therefore cannot be organized by the authorities at the state level.
The team also claims that the orders of stopping and stopping to realize that Kalshi events are two -sided markets that are traded by barter instead of the sports books model where the house controls the market. Kalshi founder Tarek Mansour said:
“The prediction markets are a decisive innovation in the twenty -first century, and like all innovations, they are misunderstood at first. We are proud to be the company that was a leader in this technology and stand ready to defend it again in a legal court.”
In addition, the KALSHI Games Monitoring Council sent a suspension and stoppage of its contracts in the elections, which the US judge is legal in September 2024 – allowing contracts to circulate freely in the United States.
A lawsuit against the Nevada Games Control Council. Source: Calchi
Related to: Massachusetts notes to drop the sports prediction markets
CFTC is committed to ending the organization with implementation
On February 4, Acting CFTC director Caroline Fam issued Notice It refers to a major organizational axis in CFTC and ending the organization through enforcement procedures, and choosing to focus on fraud instead.
“CFTC enhances its enforcement program to focus on fraud victims, as well as the remaining vigilance of other law violations,” said Fam.
This main change in CFTC was welcomed by industrial companies as a breath of fresh air after a stream of regulatory lawsuits and enforcement procedures under the Biden Administration.
The organizer also began an investigation into the Super Bowl Events offered by KALSHI and Crypto.com on the same day when the notification was sent.
The goal of the CFTC probe was to ensure that the Super Bowl event contracts complied with the laws of current derivatives in the United States, and CFTC eventually did not take any procedure for contracts.
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