Source: KalshiRelated: Massachusetts subpoenas Robinhood over sports prediction marketsCFTC commits to ending regulation by enforcementOn Feb 4, acting CFTC director Caroline Pham issued a notice signaling a major regulatory pivot at the CFTC and ending regulation through enforcement actions, choosing to focus on fraud instead.“The CFTC is strengthening its enforcement program to focus on victims of fraud, as well as remaining vigilant for other violations of law," Pham saidThis major change at the CFTC was welcomed by industry firms as a breath of fresh air following a torrent of regulatory lawsuits and enforcement actions under the Biden administration.
We are proud to be the company that has pioneered this technology and stand ready to defend it once again in a court of law.”Additionally, the Nevada Gaming Control Board sent Kalshi a cease and desist order for its election contracts, which a United States judge ruled were legal in September 2024 — allowing the contracts to trade freely in the US.
Prediction market Kalshi filed a lawsuit against the Nevada Gaming Control Board and the New Jersey Division of Gaming Enforcement after both state regulators sent cease and desist orders for the firm to pause all sports-related contracts in the states.
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