Odaily Planet Daily report: A court in the state of Washington, USA, has issued a final ruling requiring the prediction market platform Kalshi to cease offering event contracts related to sports, elections, politics, entertainment, culture, technology, science, and “mentions of individuals” to residents of the state, and to prohibit the promotion of such products to consumers in Washington. Kalshi must implement geofencing based on IP addresses and user residence locations by August 19, and upgrade to a multi-source geofencing system by September 2. Contracts related to commodities, climate, economics, and finance are not covered by this injunction. Kalshi previously requested a stay of the injunction, but the Washington State Court of Appeals denied the request.
Washington Court Orders Kalshi to Halt Prediction Market Contracts by September 2
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Summary
Market news broke on Tuesday as a Washington state court ordered the prediction market platform Kalshi to cease offering event contracts in the state by September 2. The ruling impacts contracts tied to sports, elections, politics, entertainment, culture, technology, science, and person mentions. Kalshi must implement geographic restrictions by August 19 and deploy a multi-source geofencing system by the deadline. Bitcoin market news also notes that contracts on commodities, climate, economic, and financial events remain unaffected. The appellate court denied Kalshi’s request to delay the ruling.
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