According to Reuters, prediction market platform Kalshi may face restrictions in Massachusetts. Local Judge Christopher Barry-Smith stated that he will issue a preliminary injunction barring Kalshi from offering sports-related contracts to Massachusetts residents unless it obtains a gambling license. The case stems from a lawsuit filed in September last year by Massachusetts Attorney General Andrea Joy Campbell, who accused Kalshi of providing "illegal and unsafe sports betting" within the state. Massachusetts views Kalshi's sports markets as regulated gambling activities, rather than innovative financial products.
Massachusetts May Ban Kalshi From Offering Sports-Related Contracts
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Summary
Massachusetts may impose a crypto ban on Kalshi, preventing it from offering sports-related contracts to residents within the state. A judge ruled that Kalshi must obtain a gambling license or face a preliminary injunction. Massachusetts Attorney General Andrea Joy Campbell filed the case in September 2024, alleging that Kalshi's markets violate state law. The state argues that these contracts constitute gambling, not financial products. The case could influence how MiCA (EU Markets in Crypto-Assets Regulation) is applied to similar platforms in Europe.
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