Kalshi and Prediction Market Sector Embroiled in Mixed Bag of Legal Fights Across U.S.

Kalshi is battling state gaming regulators across the U.S. as courts weigh whether its users are gambling or trading derivatives, according to CoinDesk, with a new dispute reaching Minnesota on Thursday over the state’s move to ban prediction markets. Kalshi recently lost in the Nevada Supreme Court on an emergency bid to avoid blocking customers from much of its platform’s trading, and it sued Ohio’s gaming regulator on Monday over penalties tied to alleged unlicensed sports betting. Michigan regulators won a temporary two-week restraining order Tuesday. The CFTC and Chairman Mike Selig argue the agency has sole jurisdiction.