A U.S. federal court in Tennessee has ordered the state to temporarily withdraw a cease-and-desist order against prediction market operator Kalshi. The court found there is a legitimate legal dispute over whether Kalshi, as a Designated Contract Market (DCM) regulated by the Commodity Futures Trading Commission (CFTC), is subject to state gambling laws, CoinDesk reported. Consequently, Kalshi will be allowed to continue its operations in Tennessee until the court reaches a final judgment on whether its sports-based event contracts are derivatives protected under federal law. Tennessee regulators had previously ordered the platform to halt its operations, arguing that its sports event contracts amounted to illegal gambling.
Court allows Kalshi to resume Tennessee operations pending legal review
Source
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
Like
Add to Favorites
Comments
Share
Relevant content
