Kalshi Board Member Says Ninth Circuit Ruling Added Confusion

Brian Quintenz, a KalshiEx board member and former Commodity Futures Trading Commission commissioner, said the Ninth Circuit Court of Appeals decision gave the company and its customers "more confusion than clarity," according to Bloomberg. The court ruled that sports prediction markets can be prosecuted as unlicensed sportsbooks. Quintenz said prediction market regulation will ultimately be decided by the Supreme Court and that events with "any financial, commercial or economic consequence" can have legal derivatives listed on them because they involve risk.