Odaily Planet Daily report: The prediction market platform Kalshi has not yet filed a response with the U.S. Supreme Court; its deadline to respond to New Jersey’s application on September 2 is 30 days. New Jersey has asked the court to decide whether states can regulate sports betting offered by exchanges registered with the Commodity Futures Trading Commission (CFTC), a matter on which the Third Circuit Court of Appeals and the Ninth Circuit Court of Appeals are divided.
Kalshi CEO Tarek Mansour said the CFTC will introduce new rules in the coming weeks or months to further clarify Rule 40.11. Kalshi’s litigation lead Jovy Dedaj and spokesperson Dani Lever also stated that the Ninth Circuit Court of Appeals’ ruling was primarily based on regulatory provisions currently being rewritten.
The CFTC proposed in June replacing the blanket ban on gambling contracts with a case-by-case public interest review, classifying sports as gambling but likely preserving most game outcome and prop bets. After Kalshi’s response was filed, New Jersey has 10 days to reply, and the Supreme Court typically convenes to review the matter about a month later. (Bitcoin.com News)