{"as_of":"2026-10-15","overview":{"as_of":"2026-10-15","scotus_pending":3,"circuits":[{"c":"3rd Cir.","s":"For Kalshi","d":"New Jersey · Apr 6, 2026 · 2–1","k":"ind"},{"c":"9th Cir.","s":"For the states","d":"Nevada · Aug 28, 2026 · 3–0","k":"sta"},{"c":"6th Cir.","s":"For the states","d":"Ohio, Tennessee · Sep 25, 2026 · 3–0 · rehearing sought","k":"sta"},{"c":"4th Cir.","s":"Awaiting decision","d":"Maryland · argued May 7, 2026","k":"pen"},{"c":"2nd Cir.","s":"In briefing","d":"New York, Connecticut","k":"pen"},{"c":"7th · 8th · 10th","s":"Appeals pending","d":"Wisconsin, Iowa, Utah","k":"pen"},{"c":"Supreme Court","s":"3 petitions pending","d":"Nos. 26-299, 26-338, 26-344 · responses due Nov 9–16","k":"pen"}]},"circuit_summary":"As of Oct. 15, 2026 the federal appeals courts are split 2-1 against CEA preemption for sports event contracts. The Third Circuit (KalshiEX v. Flaherty, Apr. 6, 2026, 2-1) held the CEA likely preempts New Jersey's gaming laws for sports contracts on a CFTC-registered exchange, while the Ninth Circuit (KalshiEX v. Assad, Aug. 28, 2026, 3-0, with companion Crypto.com and Robinhood rulings) and the Sixth Circuit (KalshiEX v. Schuler / v. Orgel, Sept. 25, 2026, 3-0) held, at the preliminary-injunction stage, that the contracts likely are not 'swaps' within the CFTC's exclusive jurisdiction, the Sixth Circuit adding that the CEA likely would not preempt state gambling law even if they were. The Fourth Circuit (Maryland, argued May 7, 2026) has not ruled; the Second Circuit (New York and Connecticut, heard in tandem) is in briefing; and appeals are pending or noticed in the Seventh (CFTC v. Wisconsin), Eighth (Iowa) and Tenth (Utah) Circuits, while Kalshi's en banc petitions are pending in the Ninth and (filed Oct. 9) the Sixth. Three cert petitions (Nos. 26-299, 26-338 and 26-344) await responses now due Nov. 9, Nov. 13 and Nov. 16, 2026 after Nevada obtained extensions in its two cases, and separately the Ninth Circuit held on Sept. 16, 2026 that the CEA does not displace tribal gaming rights under IGRA. On Oct. 9, 2026 the CFTC proposed adding event contracts, including sports, to the regulatory 'swap' definition and issued an interim final rule excluding licensed sportsbook and casino wagers; courts are not necessarily bound by that definition.","cases":[{"id":"kalshi-v-new-jersey","title":"KalshiEX LLC v. Flaherty (cert. petition: Flaherty v. KalshiEX, LLC, No. 26-299)","short":"Kalshi v. New Jersey","court":"Supreme Court of the United States (petition); U.S. Court of Appeals for the Third Circuit; U.S. District Court for the District of New Jersey","docket":"26-299 (U.S.); 25-1922 (3d Cir.); 1:25-cv-02152 (D.N.J.)","jurisdiction":"federal","kind":"preemption","companies":["Kalshi"],"opposing":"New Jersey Division of Gaming Enforcement, Casino Control Commission and Attorney General (Mary Jo Flaherty et al.)","state":"NJ","filed":"2025-03","status":"Injunction for Kalshi affirmed; NJ cert petition pending","status_detail":"The Third Circuit (2-1; Porter, J., with Chagares, C.J.; Roth, J., dissenting) affirmed a preliminary injunction barring New Jersey from enforcing its gaming laws against Kalshi's sports contracts, holding the CEA likely preempts them under field and conflict preemption. New Jersey's cert petition asks whether Dodd-Frank preempted state regulation of sports bets offered on CFTC-registered markets; Kalshi's response is due Nov. 9, 2026. It remains the only federal appellate merits ruling favoring the industry.","favors":"industry","last_action":{"date":"2026-10-09","text":"Amicus briefs supporting review continued: the NFL, former CFTC chair Gary Gensler, former Sen. Chris Dodd, and the American Gaming Association with 145 tribes and tribal organizations (Oct. 8), and the Casino Association of New Jersey (Oct. 9)."},"next_action":{"date":"2026-11-09","text":"Kalshi's brief in opposition due at the Supreme Court."},"timeline":[{"date":"2025-04-28","text":"District court (Judge Edward S. Kiel) granted Kalshi a preliminary injunction."},{"date":"2025-09-10","text":"Third Circuit oral argument."},{"date":"2026-04-06","text":"Third Circuit affirmed, 2-1."},{"date":"2026-07-01","text":"Justice Alito granted New Jersey a first extension of the cert deadline (to Aug. 4)."},{"date":"2026-07-24","text":"Justice Alito extended the cert deadline to Sept. 3, 2026."},{"date":"2026-09-02","text":"New Jersey filed its cert petition (docketed Sept. 8 as No. 26-299)."},{"date":"2026-09-22","text":"Response deadline extended to Nov. 9, 2026; NCLGS amicus brief filed."},{"date":"2026-10-02","text":"IAGR and NAGRA amicus brief filed urging the Court to resolve the circuit split."},{"date":"2026-10-06","text":"Cabazon Band of Cahuilla Indians submitted an amicus brief."},{"date":"2026-10-07","text":"Amicus briefs submitted by Ohio, 38 other states and D.C., and by Stop Predatory Gambling, AAPS and Texans Against Gambling."},{"date":"2026-10-08","text":"NFL, Gensler, Dodd, and the AGA with 145 tribes and tribal organizations filed amicus briefs urging the Court to grant review."},{"date":"2026-10-09","text":"Casino Association of New Jersey filed an amicus brief supporting review."}],"sources":[{"label":"Third Circuit opinion (PDF)","url":"https://www2.ca3.uscourts.gov/opinarch/251922p.pdf","primary":true},{"label":"Third Circuit opinion (Justia)","url":"https://law.justia.com/cases/federal/appellate-courts/ca3/25-1922/25-1922-2026-04-06.html","primary":true},{"label":"Supreme Court docket No. 26-299","url":"https://www.supremecourt.gov/docket/docketfiles/html/public/26-299.html","primary":true},{"label":"Cert petition (PDF), No. 26-299","url":"https://www.supremecourt.gov/DocketPDF/26/26-299/422751/20260902102245623_26-_PetitionForWritOfCertiorari.pdf","primary":true},{"label":"Supreme Court application No. 25A1465 (extensions)","url":"https://www.supremecourt.gov/docket/docketfiles/html/public/25A1465.html","primary":true},{"label":"News: Legal Sports Report","url":"https://www.legalsportsreport.com/275556/new-jersey-asks-supreme-court-to-rule-on-kalshi-sports-predictions/","primary":false},{"label":"SiGMA: Regulators urge Supreme Court review","url":"https://sigma.world/news/regulators-us-supreme-court-sports-contracts/","primary":false},{"label":"SBC Americas: NFL, 39 states urge Supreme Court to take up Kalshi case","url":"https://sbcamericas.com/2026/10/09/kalshi-nfl-states-nj-supreme-court","primary":false},{"label":"The Block: NFL tells Supreme Court sports contracts are gambling, not swaps","url":"https://www.theblock.co/news/regulation/2026-10-08-nfl-amicus-brief-supreme-court-kalshi-new-jersey-prediction-markets-418064","primary":false},{"label":"CoinDesk: Everyone wants SCOTUS to take up prediction markets","url":"https://www.coindesk.com/policy/2026/10/11/everyone-wants-scotus-to-take-up-prediction-markets-state-of-crypto","primary":false}],"confidence":"high","verified_through":"2026-10-12"},{"id":"robinhood-v-nevada","title":"Robinhood Derivatives, LLC v. Dreitzer (cert. petition No. 26-338)","short":"Robinhood v. Nevada","court":"Supreme Court of the United States (petition); U.S. Court of Appeals for the Ninth Circuit; U.S. District Court for the District of Nevada","docket":"26-338 (U.S.); 25-7831 (9th Cir.); 2:25-cv-01541-APG-DJA (D. Nev.)","jurisdiction":"federal","kind":"preemption","companies":["Robinhood"],"opposing":"Nevada Gaming Control Board Chairman Mike Dreitzer and other Nevada gaming officials","state":"NV","filed":"2025-08-19","status":"Denial of interim relief affirmed; cert petition pending","status_detail":"Judge Andrew Gordon refused to restrain Nevada from enforcing its gaming laws against Robinhood's sports contracts (Nov. 25, 2025), and the Ninth Circuit affirmed on Aug. 28, 2026 alongside Assad. Robinhood's Sept. 10 petition asks the Court to grant review if it takes New Jersey's case and flags the pending CFTC rulemaking; Nevada obtained a 30-day extension; its response is now due Nov. 13, 2026.","favors":"states","last_action":{"date":"2026-10-09","text":"Clerk granted Nevada's request to extend its response deadline from Oct. 14 to Nov. 13, 2026."},"next_action":{"date":"2026-11-13","text":"Nevada's response to the cert petition due (extended)."},"timeline":[{"date":"2025-08-19","text":"Robinhood sued Nevada regulators (filing date per secondary tracker)."},{"date":"2025-11-25","text":"District court denied Robinhood's motion for a temporary restraining order / preliminary relief."},{"date":"2026-04-16","text":"Ninth Circuit oral argument (per secondary reporting)."},{"date":"2026-08-28","text":"Ninth Circuit affirmed."},{"date":"2026-09-10","text":"Cert petition filed."},{"date":"2026-10-08","text":"Nevada asked for a 30-day extension to respond, citing counsel's competing deadlines."},{"date":"2026-10-09","text":"Extension granted; response now due Nov. 13, 2026."}],"sources":[{"label":"Supreme Court docket No. 26-338","url":"https://www.supremecourt.gov/docket/docketfiles/html/public/26-338.html","primary":true},{"label":"Cert petition (PDF), No. 26-338","url":"https://www.supremecourt.gov/DocketPDF/26/26-338/423750/20260910115039631_Robinhood%20Pet%20for%20Cert.pdf","primary":true},{"label":"D. Nev. order denying TRO (PDF, Justia)","url":"https://cases.justia.com/federal/district-courts/nevada/nvdce/2:2025cv01541/176389/90/0.pdf","primary":true},{"label":"D. Nev. docket (CourtListener)","url":"https://www.courtlistener.com/docket/71144118/robinhood-derivatives-llc-v-dreitzer/","primary":true},{"label":"Ninth Circuit docket No. 25-7831 (CourtListener)","url":"https://www.courtlistener.com/docket/72247926/robinhood-derivatives-llc-v-dreitzer-et-al/","primary":true},{"label":"News: InGame (Kalshi en banc / Robinhood cert)","url":"https://www.ingame.com/kalshi-robinhood-scotus-en-banc/","primary":false},{"label":"Nevada's extension request letter, No. 26-338 (Oct. 8, 2026)","url":"https://www.supremecourt.gov/DocketPDF/26/26-338/429000/20261008174541098_00-Robinhood-Letter%20to%20US%20Supreme%20Ct%20re%201st%20Extension%20Request.pdf","primary":true}],"confidence":"high","verified_through":"2026-10-15"},{"id":"kalshi-v-ohio","title":"KalshiEX LLC v. Schuler","short":"Kalshi v. Ohio","court":"U.S. Court of Appeals for the Sixth Circuit; U.S. District Court for the Southern District of Ohio","docket":"26-3196 (6th Cir.); 2:25-cv-01165 (S.D. Ohio)","jurisdiction":"federal","kind":"preemption","companies":["Kalshi"],"opposing":"Ohio Casino Control Commission officials (Executive Director Matthew Schuler et al.) and the Ohio Attorney General","state":"OH","filed":"2025-10-07","status":"Denial of injunction affirmed (3-0); rehearing petition pending","status_detail":"Chief Judge Sarah Morrison denied Kalshi a preliminary injunction (Mar. 9, 2026). On Sept. 25, 2026 the Sixth Circuit (Gibbons, J., joined by Clay and Bloomekatz, JJ.) affirmed, holding Kalshi had not shown its sports contracts are 'swaps' within the CFTC's exclusive jurisdiction and, alternatively, that the CEA would not preempt Ohio's gambling laws even if they were. Kalshi is separately challenging the Commission's proposed $5 million penalty in state court. On Oct. 9, 2026 Kalshi (counsel Neal Katyal) petitioned for panel rehearing and rehearing en banc in both consolidated appeals, arguing the decision conflicts with Third and Ninth Circuit rulings and that the CFTC's Oct. 9 swap-definition proposal and interim gambling-exclusion rule 'substantially undermine' the panel's swap holding (secondary).","favors":"states","last_action":{"date":"2026-10-09","text":"Kalshi petitioned for panel rehearing and rehearing en banc (secondary; No. 26-3196 Doc. 92 per tracker)."},"next_action":{"date":null,"text":"Sixth Circuit action on Kalshi's rehearing petition."},"timeline":[{"date":"2025-10-07","text":"Kalshi sued after an Oct. 6, 2025 Commission letter rejecting its preemption position."},{"date":"2026-03-09","text":"District court denied a preliminary injunction."},{"date":"2026-04-14","text":"Commission announced intent to fine Kalshi $5 million (secondary)."},{"date":"2026-04-24","text":"Sixth Circuit denied relief pending appeal and expedited the appeal."},{"date":"2026-05-12","text":"CFTC filed an amicus brief supporting Kalshi."},{"date":"2026-06-29","text":"Kalshi sued the Commission in Franklin County Court of Common Pleas over the proposed fine (secondary)."},{"date":"2026-07-30","text":"Sixth Circuit oral argument."},{"date":"2026-09-25","text":"Sixth Circuit affirmed."},{"date":"2026-10-09","text":"Kalshi filed a petition for rehearing and rehearing en banc covering the Ohio and Tennessee appeals (secondary)."}],"sources":[{"label":"Sixth Circuit opinion (PDF)","url":"https://www.opn.ca6.uscourts.gov/opinions.pdf/26a0272p-06.pdf","primary":true},{"label":"S.D. Ohio order denying PI (Justia)","url":"https://law.justia.com/cases/federal/district-courts/ohio/ohsdce/2:2025cv01165/306374/69/","primary":true},{"label":"Sixth Circuit docket No. 26-3196 (CourtListener)","url":"https://www.courtlistener.com/docket/72451572/kalshiex-llc-v-matthew-schuler/","primary":true},{"label":"CFTC press release 9230-26 (Sixth Circuit amicus)","url":"https://www.cftc.gov/PressRoom/PressReleases/9230-26","primary":true},{"label":"News: Yogonet (Kalshi sues Ohio)","url":"https://www.yogonet.com/international/news/2025/10/08/115716-kalshi-sues-ohio-casino-control-commission-and-attorney-general-over-threats-to-its-prediction-platform","primary":false},{"label":"News: DeFi Rate (Sixth Circuit denies stay, expedites)","url":"https://defirate.com/news/kalshi-loses-bid-to-block-ohio-enforcement-sixth-circuit-fast-tracks-appeal/","primary":false},{"label":"News: SBC Americas (Kalshi sues OCCC in state court)","url":"https://sbcamericas.com/2026/06/30/kalshi-sues-ohio-regulator-state-court/","primary":false},{"label":"News: SBC Americas (Sixth Circuit ruling)","url":"https://sbcamericas.com/2026/09/25/kalshi-sixth-circuit-sides-oh-tn/","primary":false},{"label":"Straight to the Point: PM Corner on the CFTC's new rules","url":"https://straighttothepoint.substack.com/p/pm-corner-the-cftcs-new-rules-and","primary":false},{"label":"DeFi Rate prediction-market lawsuit tracker","url":"https://defirate.com/prediction-markets/legal/","primary":false}],"confidence":"high","verified_through":"2026-10-12"},{"id":"kalshi-v-tennessee","title":"KalshiEX LLC v. Orgel","short":"Kalshi v. Tennessee","court":"U.S. Court of Appeals for the Sixth Circuit; U.S. District Court for the Middle District of Tennessee","docket":"26-5235 (6th Cir.); 3:26-cv-00034 (M.D. Tenn.)","jurisdiction":"federal","kind":"preemption","companies":["Kalshi"],"opposing":"Tennessee Sports Wagering Council officials (William Orgel, Mary Beth Thomas) and Attorney General Jonathan Skrmetti","state":"TN","filed":"2026-01","status":"Kalshi's injunction vacated on appeal; rehearing petition pending","status_detail":"Judge Aleta Trauger granted Kalshi a preliminary injunction on Feb. 19, 2026 (against the individual officials), finding its sports contracts are swaps within the CFTC's exclusive jurisdiction. The Sixth Circuit vacated that injunction on Sept. 25, 2026 in the same opinion that ruled against Kalshi in Ohio, and remanded; Tennessee's Sports Wagering Council may now enforce against Kalshi. On Oct. 9, 2026 Kalshi (counsel Neal Katyal) petitioned for panel rehearing and rehearing en banc in both consolidated appeals, arguing the decision conflicts with Third and Ninth Circuit rulings and that the CFTC's Oct. 9 swap-definition proposal and interim gambling-exclusion rule 'substantially undermine' the panel's swap holding (secondary).","favors":"states","last_action":{"date":"2026-10-09","text":"Kalshi petitioned for panel rehearing and rehearing en banc (secondary; No. 26-3196 Doc. 92 per tracker)."},"next_action":{"date":null,"text":"Sixth Circuit action on Kalshi's rehearing petition."},"timeline":[{"date":"2026-02-19","text":"District court granted Kalshi a preliminary injunction against the individual officials."},{"date":"2026-03-20","text":"Tennessee appealed (secondary)."},{"date":"2026-07-30","text":"Sixth Circuit oral argument (consolidated with Ohio appeal)."},{"date":"2026-09-25","text":"Sixth Circuit vacated the injunction."},{"date":"2026-10-09","text":"Kalshi filed a petition for rehearing and rehearing en banc covering the Ohio and Tennessee appeals (secondary)."}],"sources":[{"label":"Sixth Circuit opinion (PDF)","url":"https://www.opn.ca6.uscourts.gov/opinions.pdf/26a0272p-06.pdf","primary":true},{"label":"M.D. Tenn. order granting PI (Justia)","url":"https://law.justia.com/cases/federal/district-courts/tennessee/tnmdce/3:2026cv00034/107541/48/","primary":true},{"label":"M.D. Tenn. docket (CourtListener)","url":"https://www.courtlistener.com/docket/72131278/kalshiex-llc-v-orgen/","primary":true},{"label":"News: InGame (Tennessee PI)","url":"https://www.ingame.com/kalshi-wins-injunction-tennessee/","primary":false},{"label":"Tracker: Mick Bransfield prediction-market litigation tracker","url":"https://mickbransfield.com/2025/08/11/summary-of-legal-actions-involving-kalshis-sports-event-contracts/","primary":false},{"label":"Straight to the Point: PM Corner on the CFTC's new rules","url":"https://straighttothepoint.substack.com/p/pm-corner-the-cftcs-new-rules-and","primary":false},{"label":"DeFi Rate prediction-market lawsuit tracker","url":"https://defirate.com/prediction-markets/legal/","primary":false}],"confidence":"high","verified_through":"2026-10-12"},{"id":"cryptocom-v-nevada","title":"North American Derivatives Exchange, Inc. v. Nevada (cert. petition No. 26-344)","short":"Crypto.com v. Nevada","court":"Supreme Court of the United States (petition); U.S. Court of Appeals for the Ninth Circuit; U.S. District Court for the District of Nevada","docket":"26-344 (U.S.); 25-7187 (9th Cir.); 2:25-cv-00978 (D. Nev.)","jurisdiction":"federal","kind":"preemption","companies":["Crypto.com"],"opposing":"State of Nevada and Nevada gaming regulators","state":"NV","filed":"2025-06-03","status":"PI denial affirmed; cert petition pending","status_detail":"Crypto.com's derivatives exchange (North American Derivatives Exchange, d/b/a Crypto.com | Derivatives North America) lost its bid to block Nevada enforcement; the Ninth Circuit affirmed by memorandum disposition on Aug. 28, 2026, following Assad, despite a CFTC amicus brief supporting the exchange. Its Sept. 11 cert petition asks whether the CEA preempts state regulation of sports-event contracts traded on federally regulated exchanges; Nevada obtained a 32-day extension; its response is now due Nov. 16, 2026.","favors":"states","last_action":{"date":"2026-10-08","text":"Clerk granted Nevada's request to extend its response deadline from Oct. 15 to Nov. 16, 2026."},"next_action":{"date":"2026-11-16","text":"Nevada's response to the cert petition due (extended)."},"timeline":[{"date":"2025-10-14","text":"District court (Judge Gordon) denied a preliminary injunction and judgment on the pleadings."},{"date":"2026-02-17","text":"CFTC filed an amicus brief in the Ninth Circuit supporting Crypto.com."},{"date":"2026-04-16","text":"Ninth Circuit oral argument (per secondary reporting)."},{"date":"2026-08-28","text":"Ninth Circuit affirmed by unpublished memorandum disposition."},{"date":"2026-09-11","text":"Cert petition filed."},{"date":"2026-10-07","text":"Nevada asked for a 32-day extension to respond, citing counsel's competing deadlines."},{"date":"2026-10-08","text":"Extension granted; response now due Nov. 16, 2026."}],"sources":[{"label":"Supreme Court docket No. 26-344","url":"https://www.supremecourt.gov/docket/docketfiles/html/public/26-344.html","primary":true},{"label":"Cert petition (PDF), No. 26-344","url":"https://www.supremecourt.gov/DocketPDF/26/26-344/423887/20260911105134903_CDNA%20v.%20Nevada%20-%20Cert%20Petition%20FILE.pdf","primary":true},{"label":"CFTC amicus brief, 9th Cir. No. 25-7187 (PDF)","url":"https://www.cftc.gov/media/13261/amicusbrief_02172026/download","primary":true},{"label":"CFTC press release 9183-26 (Ninth Circuit amicus)","url":"https://www.cftc.gov/PressRoom/PressReleases/9183-26","primary":true},{"label":"News: The Nevada Independent","url":"https://thenevadaindependent.com/article/kalshi-loses-appeal-nevada-judge-keeps-the-company-on-the-sidelines","primary":false},{"label":"News: Insider Sport (Crypto.com cert petition)","url":"https://insidersport.com/2026/09/15/crypto-com-supreme-court-sports-bets","primary":false},{"label":"Nevada's extension request letter, No. 26-344 (Oct. 7, 2026)","url":"https://www.supremecourt.gov/DocketPDF/26/26-344/428718/20261007112809138_Crypto%20-%20Response%20-%201st%20Extension%20Request.pdf","primary":true}],"confidence":"high","verified_through":"2026-10-15"},{"id":"blue-lake-rancheria-v-kalshi","title":"Blue Lake Rancheria v. Kalshi, Inc.","short":"California tribes v. Kalshi & Robinhood","court":"U.S. Court of Appeals for the Ninth Circuit; U.S. District Court for the Northern District of California","docket":"25-7504 (9th Cir.); 3:25-cv-06162-JSC (N.D. Cal.)","jurisdiction":"federal","kind":"tribal","companies":["Kalshi","Robinhood"],"opposing":"Blue Lake Rancheria and Chicken Ranch Rancheria of Me-Wuk Indians (Picayune Rancheria dismissed without prejudice after argument)","state":null,"filed":"2025-07","status":"PI denial reversed on IGRA claims; mandate issued, back in district court","status_detail":"The Ninth Circuit (McKeown, J., joined by Murguia, C.J., and Paez, J.) held the tribes are likely to succeed in showing Kalshi's sports contracts are unlawful class III gaming when placed by users on tribal lands, that a non-signatory to a compact can be enjoined under IGRA, and that neither the CEA nor UIGEA displaces IGRA. It affirmed rejection of the tribes' Lanham Act claim and remanded for the remaining preliminary-injunction factors.","favors":"mixed","last_action":{"date":"2026-10-08","text":"Ninth Circuit mandate entered on the district docket; court set a case-management conference (secondary tracker)."},"next_action":{"date":"2026-10-21","text":"Further case-management conference, 2 p.m. PT (secondary tracker)."},"timeline":[{"date":"2026-07-10","text":"Ninth Circuit oral argument."},{"date":"2026-09-16","text":"Ninth Circuit decision."},{"date":"2026-10-08","text":"Ninth Circuit mandate entered in the district court; case-management conference set for Oct. 21 (secondary)."}],"sources":[{"label":"Ninth Circuit opinion (PDF)","url":"https://cdn.ca9.uscourts.gov/datastore/opinions/2026/09/16/25-7504.pdf","primary":true},{"label":"States' amicus brief, 9th Cir. No. 25-7504 (PDF)","url":"https://ago.nebraska.gov/sites/default/files/doc/Blue%20Lake%20--%20As%20Filed%20States%20Amicus%20Brief.pdf","primary":true},{"label":"Analysis: Buchalter (Blue Lake ruling)","url":"https://www.buchalter.com/insights/ninth-circuit-kalshis-sports-contracts-are-class-iii-gaming-on-tribal-land-and-tribes-can-sue-to-stop-them/","primary":false},{"label":"Analysis: Blank Rome (Blue Lake ruling)","url":"https://www.blankrome.com/news-and-events/kalshi-may-reshuffle-the-cards-but-it-cannot-change-the-hand-ninth-circuit-holds-event-contracts-are-illegal-sports-betting-on-tribal-lands/","primary":false},{"label":"DeFi Rate prediction-market lawsuit tracker","url":"https://defirate.com/prediction-markets/legal/","primary":false}],"confidence":"high","verified_through":"2026-10-12"},{"id":"seminole-tribe-v-draftkings","title":"Seminole Tribe of Florida v. DraftKings Inc. et al.","short":"Seminole Tribe v. DraftKings","court":"Circuit Court of the Seventeenth Judicial Circuit, Broward County, Florida","docket":"Not yet reported","jurisdiction":"state","kind":"tribal","companies":["DraftKings"],"opposing":"Seminole Tribe of Florida (defendants: DraftKings, CEO Jason Robins, and GUS III LLC d/b/a DraftKings Predictions)","state":"FL","filed":"2026-10-08","status":"Filed — no rulings","status_detail":"The Seminole Tribe alleges DraftKings' sports prediction contracts and fantasy products (including Pick6) are illegal sports betting in Florida that violate the Tribe's exclusive sports-wagering rights under its 2021 gaming compact, that DraftKings offers contracts to customers under 21 and college player props the compact prohibits, and brings a civil racketeering claim against CEO Jason Robins. It seeks an injunction and disgorgement of Florida revenue and profits. DraftKings' response has not been reported.","favors":"pending","last_action":{"date":"2026-10-08","text":"Complaint filed in Broward County Circuit Court."},"next_action":{"date":null,"text":"DraftKings' response; any removal to federal court."},"timeline":[{"date":"2026-10-08","text":"Seminole Tribe sued DraftKings, Jason Robins and DraftKings Predictions."}],"sources":[{"label":"Legal Sports Report: DraftKings sued by Seminole Tribe","url":"https://www.legalsportsreport.com/281066/draftkings-sued-by-seminole-tribe-over-sports-predictions-in-florida/","primary":false},{"label":"Covers: Seminole Tribe of Florida sues DraftKings, Jason Robins","url":"https://www.covers.com/industry/seminole-tribe-sues-draftkings-florida-sports-betting-oct-8-2026","primary":false},{"label":"DeFi Rate prediction-market lawsuit tracker","url":"https://defirate.com/prediction-markets/legal/","primary":false}],"confidence":"medium","verified_through":"2026-10-12"},{"id":"coinbase-v-michigan","title":"Coinbase Financial Markets, Inc. v. Nessel","short":"Coinbase v. Michigan","court":"U.S. District Court for the Eastern District of Michigan","docket":"25-cv-14092 (E.D. Mich.)","jurisdiction":"federal","kind":"preemption","companies":["Coinbase"],"opposing":"Michigan Attorney General Dana Nessel and state officials","state":"MI","filed":"2025-12","status":"PI denied; appeal stayed; Coinbase agreed to halt Michigan sports contracts","status_detail":"Judge Shalina Kumar denied Coinbase a preliminary injunction on Aug. 7, 2026, finding sports-event contracts are not necessarily swaps and that complying with both federal law and Michigan's Lawful Sports Betting Act is feasible, calling Coinbase's impossibility arguments 'applesauce.' Coinbase filed parallel suits against Illinois and Connecticut in December 2025; a Sixth Circuit appeal has been reported (number not verified). Per the Michigan Gaming Control Board, Coinbase's Sixth Circuit appeal is stayed pending related appeals involving Robinhood, Polymarket and Kalshi. On Oct. 7, 2026 the state announced a stipulation under which Coinbase will stop offering new sports-related event contracts to Michigan customers (including those traded on Kalshi and other DCMs) and close open positions by 12:00 a.m. ET Oct. 10, 2026; Michigan will not take enforcement action while Coinbase complies and the appeals proceed. The stipulation preserves all parties' rights pending a final Sixth Circuit or Supreme Court ruling.","favors":"states","last_action":{"date":"2026-10-07","text":"Stipulation announced: Coinbase to halt Michigan sports event contracts; state forgoes enforcement while appeals proceed."},"next_action":{"date":null,"text":"Sixth Circuit appeal remains stayed pending the related Robinhood, Polymarket and Kalshi appeals; the stipulation stays in place until a final Sixth Circuit or Supreme Court ruling."},"timeline":[{"date":"2026-08-07","text":"Preliminary injunction denied."},{"date":"2026-10-07","text":"Michigan Gaming Control Board announced Coinbase's agreement to halt sports-related event contracts in Michigan by Oct. 10."},{"date":"2026-10-10","text":"Stipulation deadline (12:00 a.m. ET) for Coinbase to stop new Michigan sports contracts and close open positions passed; no compliance dispute reported."}],"sources":[{"label":"Michigan Gaming Control Board release (Oct. 7, 2026)","url":"https://www.michigan.gov/mgcb/news/2026/10/07/coinbase-agrees-to-halt-sports-related-event-contracts-in-michigan","primary":true},{"label":"Cert petition (PDF), No. 26-299","url":"https://www.supremecourt.gov/DocketPDF/26/26-299/422751/20260902102245623_26-_PetitionForWritOfCertiorari.pdf","primary":true},{"label":"News: The Block (Coinbase Michigan ruling)","url":"https://www.theblock.co/news/regulation/2026-08-07-michigan-judge-denies-coinbase-bid-prediction-markets-411128","primary":false},{"label":"News: DeFi Rate (Coinbase suits vs. MI, IL, CT)","url":"https://defirate.com/news/coinbase-prediction-markets-lawsuits-michigan-illinois-connecticut/","primary":false},{"label":"News: Legal Sports Report (Robinhood Michigan pause)","url":"https://www.legalsportsreport.com/276268/robinhood-agrees-to-pause-sports-contracts-in-michigan/","primary":false},{"label":"PlayUSA: Coinbase halts Michigan sports event contracts Oct. 10","url":"https://www.playusa.com/news/coinbase-halts-sports-event-contracts-in-michigan/","primary":false}],"confidence":"high","verified_through":"2026-10-12"},{"id":"us-v-van-dyke","title":"United States v. Van Dyke; CFTC v. Van Dyke","short":"U.S. v. Van Dyke (alleged insider trading on Polymarket)","court":"U.S. District Court for the Southern District of New York","docket":null,"jurisdiction":"federal","kind":"criminal","companies":["Polymarket"],"opposing":"U.S. Attorney's Office for the S.D.N.Y. and the CFTC v. Gannon Ken Van Dyke","state":null,"filed":"2026-04-23","status":"Charged — motion to dismiss argued, under advisement","status_detail":"An active-duty U.S. Army service member is accused of using classified information about 'Operation Absolute Resolve,' the operation targeting Nicolás Maduro, to buy Polymarket 'Yes' shares between Dec. 30, 2025 and Jan. 2, 2026, profiting by more than $404,000. Prosecutors unsealed an indictment and the CFTC filed parallel civil charges the same day; secondary sources describe it as the first criminal prosecution for prediction-market insider trading. He pleaded not guilty and a tentative Dec. 7, 2026 trial date was set. He moved to dismiss, arguing the Polymarket contracts are not swaps; prosecutors opposed on Aug. 19, 2026, and in a Sept. 30 letter to Judge Margaret Garnett argued binary event contracts are swaps because they could hedge financial consequences. Judge Garnett heard argument on Oct. 7, 2026, questioning the legal basis for applying commodities and fraud laws to the trades, and took the motions under advisement without ruling (secondary reporting).","favors":"pending","last_action":{"date":"2026-10-07","text":"Oral argument on the motions to dismiss; Judge Garnett took them under advisement (secondary reporting)."},"next_action":{"date":null,"text":"Ruling on the motions to dismiss; tentative Dec. 7, 2026 trial date."},"timeline":[{"date":"2026-04-23","text":"Criminal and CFTC civil charges announced."},{"date":"2026-06-08","text":"Not-guilty plea; tentative Dec. 7, 2026 trial date reported."},{"date":"2026-08-19","text":"Prosecutors opposed the motion to dismiss."},{"date":"2026-09-30","text":"DOJ letter argued binary event contracts are swaps."},{"date":"2026-10-07","text":"Motions to dismiss argued; taken under advisement."}],"sources":[{"label":"CFTC press release 9217-26 (Van Dyke charges)","url":"https://www.cftc.gov/PressRoom/PressReleases/9217-26","primary":true},{"label":"Timeline: RotoWire prediction-markets legal timeline","url":"https://www.rotowire.com/prediction-markets/legal-timeline","primary":false},{"label":"Washington Examiner: judge sets trial date","url":"https://www.washingtonexaminer.com/news/justice/4599539/trial-date-soldier-maduro-raid-bet-polymarket/","primary":false},{"label":"ReadWrite: prosecutors oppose dismissal","url":"https://readwrite.com/prosecutors-urge-judge-keep-us-soldier-polymarket-insider-case-alive/","primary":false},{"label":"Casino.org: DOJ says binary event contracts are swaps","url":"https://www.casino.org/news/justice-department-says-binary-event-contracts-are-swaps/","primary":false},{"label":"Washington Examiner: judge weighs bid to dismiss","url":"https://www.washingtonexaminer.com/news/justice/4757977/judge-weighs-bid-dismiss-polymarket-maduro-raid-case/","primary":false}],"confidence":"medium","verified_through":"2026-10-08"},{"id":"us-v-kentucky","title":"United States v. Kentucky","short":"CFTC v. Kentucky","court":"U.S. District Court for the Eastern District of Kentucky","docket":"26-cv-00049 (E.D. Ky.); related: Kentucky v. KalshiEX (Ky. Cir. Ct. No. 26-689; removed, E.D. Ky. No. 26-48); Kentucky v. Polymarket (Ky. Cir. Ct. No. 26-696; removed, E.D. Ky. No. 26-47)","jurisdiction":"federal","kind":"preemption","companies":["Kalshi","Polymarket","Coinbase","Robinhood","Webull"],"opposing":"Commonwealth of Kentucky and state officials, including Attorney General Russell Coleman (plaintiffs: United States and CFTC)","state":"KY","filed":"2026-06-23","status":"Pending — argument postponed; supplemental briefing ordered","status_detail":"The CFTC sued after Kentucky filed state-court civil enforcement actions seeking penalties from CFTC-registered exchanges (reported as filed June 17, 2026 against Kalshi, Polymarket, Coinbase, Robinhood and Webull) and imposed a special transaction fee on those exchanges. The suits against Kalshi and Polymarket were removed to the same federal court. Correction: the Oct. 9, 2026 argument previously listed here did not go forward. By order dated Oct. 5, 2026, Judge S. Chad Meredith canceled it and directed simultaneous 15-page supplemental briefs, due Oct. 23, on the Sixth Circuit's Schuler decision and any effect of the forthcoming CFTC rulemaking, with the parties to propose at least three new argument dates (secondary tracker).","favors":"pending","last_action":{"date":"2026-10-05","text":"Court canceled the Oct. 9 argument and ordered supplemental briefing (secondary tracker)."},"next_action":{"date":"2026-10-23","text":"Supplemental briefs and proposed argument dates due (secondary tracker)."},"timeline":[{"date":"2026-06-17","text":"Kentucky AG sued prediction-market operators in state court (secondary)."},{"date":"2026-06-23","text":"CFTC filed suit."},{"date":"2026-10-05","text":"Court canceled the Oct. 9 argument and ordered supplemental briefs on the Sixth Circuit ruling and CFTC rulemaking (secondary)."},{"date":"2026-10-12","text":"Correction: an earlier update listed Oct. 9, 2026 as the argument date; that argument was canceled by the Oct. 5 order."}],"sources":[{"label":"CFTC press release 9260-26 (suit vs. Kentucky)","url":"https://www.cftc.gov/PressRoom/PressReleases/9260-26","primary":true},{"label":"Cert petition (PDF), No. 26-299","url":"https://www.supremecourt.gov/DocketPDF/26/26-299/422751/20260902102245623_26-_PetitionForWritOfCertiorari.pdf","primary":true},{"label":"Cert petition (PDF), No. 26-338","url":"https://www.supremecourt.gov/DocketPDF/26/26-338/423750/20260910115039631_Robinhood%20Pet%20for%20Cert.pdf","primary":true},{"label":"Timeline: RotoWire prediction-markets legal timeline","url":"https://www.rotowire.com/prediction-markets/legal-timeline","primary":false},{"label":"Tracker: Mick Bransfield prediction-market litigation tracker","url":"https://mickbransfield.com/2025/08/11/summary-of-legal-actions-involving-kalshis-sports-event-contracts/","primary":false},{"label":"DeFi Rate prediction-market lawsuit tracker","url":"https://defirate.com/prediction-markets/legal/","primary":false}],"confidence":"medium","verified_through":"2026-10-12"},{"id":"us-v-illinois","title":"United States v. Illinois","short":"CFTC v. Illinois","court":"U.S. District Court for the Northern District of Illinois","docket":"1:26-cv-03659 (N.D. Ill.); related: KalshiEX v. Raoul, 1:26-cv-07363; Coinbase Fin. Mkts. v. Raoul, 1:25-cv-15406","jurisdiction":"federal","kind":"preemption","companies":["Kalshi","Coinbase"],"opposing":"State of Illinois, Gov. JB Pritzker, Illinois Gaming Board and state officials (plaintiffs: United States and CFTC)","state":"IL","filed":"2026-04-02","status":"PI granted in part (licensing); fee challenge reserved","status_detail":"On Oct. 2, 2026 Judge Martha M. Pacold (N.D. Ill.) granted in part the preliminary-injunction motions of the CFTC, Kalshi and Coinbase, blocking Illinois from enforcing its sports-wagering licensing requirements and related criminal provisions against sports event contracts that likely qualify as swaps, finding those rules likely conflict with the Commodity Exchange Act. She reserved judgment on Illinois's 1.75%-3.5% tax on exchange sports wagers, writing that 'regulatory uniformity does not necessarily entail uniformity in cost,' and ordered the parties to submit proposed injunction terms by Oct. 29, 2026 (secondary reporting; order not yet located). The ruling runs opposite to the Wisconsin district court's denial of similar CFTC relief, now on appeal in the Seventh Circuit.","favors":"industry","last_action":{"date":"2026-10-02","text":"Preliminary injunction granted in part (licensing and criminal provisions enjoined; fee issue reserved) (secondary reporting)."},"next_action":{"date":"2026-10-29","text":"Parties' proposed injunction terms due (secondary reporting)."},"timeline":[{"date":"2026-04-02","text":"CFTC filed suit."},{"date":"2026-09-08","text":"Supplemental-authority filing (secondary)."},{"date":"2026-10-02","text":"Judge Pacold granted the CFTC, Kalshi and Coinbase a partial preliminary injunction against Illinois licensing enforcement; transaction-fee question reserved."}],"sources":[{"label":"CFTC press release 9206-26 (suits vs. AZ, CT, IL)","url":"https://www.cftc.gov/PressRoom/PressReleases/9206-26","primary":true},{"label":"Cert petition (PDF), No. 26-338","url":"https://www.supremecourt.gov/DocketPDF/26/26-338/423750/20260910115039631_Robinhood%20Pet%20for%20Cert.pdf","primary":true},{"label":"Cert petition (PDF), No. 26-299","url":"https://www.supremecourt.gov/DocketPDF/26/26-299/422751/20260902102245623_26-_PetitionForWritOfCertiorari.pdf","primary":true},{"label":"Tracker: DeFi Rate prediction-market legal tracker","url":"https://defirate.com/prediction-markets/legal/","primary":false},{"label":"DeFi Rate: Kalshi, Coinbase win partial injunctions against Illinois","url":"https://defirate.com/news/federal-judge-grants-kalshi-coinbase-partial-injunctions/","primary":false},{"label":"Crypto Briefing: partial ruling on Illinois sports contracts","url":"https://cryptobriefing.com/kalshi-coinbase-partial-ruling-illinois-sports-contracts/","primary":false},{"label":"CasinoBeats (Oct. 5, 2026)","url":"https://casinobeats.com/2026/10/05/kalshi-rehearing-nevada/","primary":false}],"confidence":"medium","verified_through":"2026-10-05"},{"id":"kalshi-v-nevada","title":"KalshiEX, LLC v. Assad (D. Nev. caption: KalshiEX, LLC v. Hendrick)","short":"Kalshi v. Nevada (federal)","court":"U.S. Court of Appeals for the Ninth Circuit; U.S. District Court for the District of Nevada","docket":"25-7516 (9th Cir.); 2:25-cv-00575-APG-BNW (D. Nev.)","jurisdiction":"federal","kind":"preemption","companies":["Kalshi"],"opposing":"Nevada Gaming Control Board and Nevada Gaming Commission officials (George Assad et al.)","state":"NV","filed":"2025-03-28","status":"Dissolution of Kalshi's injunction affirmed (3-0); en banc petition pending","status_detail":"The Ninth Circuit (R. Nelson, J., joined by Bade and Lee, JJ.; Lee, J., concurring) held Kalshi's sports event contracts likely are not 'swaps' under the CEA and Nevada's gaming laws likely are not preempted, affirming Judge Andrew Gordon's dissolution of Kalshi's preliminary injunction; it remanded for the district court to address Kalshi's election contracts. Kalshi sought rehearing en banc on Sept. 9, 2026 (secondary reporting). The decision created the circuit split with the Third Circuit. Kalshi has asked the court to defer action on the petition while the CFTC revises its swap definition; Nevada opposed, arguing the panel's statutory reading would not change with new regulations (letter dated Sept. 25 per secondary reports).","favors":"states","last_action":{"date":"2026-09-25","text":"Nevada opposed Kalshi's request to hold the en banc petition pending CFTC rulemaking (secondary reporting; exact filing date not docket-verified)."},"next_action":{"date":null,"text":"Ninth Circuit action on Kalshi's petition for rehearing en banc."},"timeline":[{"date":"2025-03-28","text":"Kalshi sued Nevada regulators (filing date per secondary tracker)."},{"date":"2025-04-09","text":"District court granted Kalshi a preliminary injunction."},{"date":"2025-11-24","text":"District court dissolved the injunction (date per secondary tracker)."},{"date":"2026-04-16","text":"Ninth Circuit oral argument (heard with the Crypto.com and Robinhood appeals)."},{"date":"2026-08-28","text":"Ninth Circuit affirmed in part and remanded in part (election contracts)."},{"date":"2026-09-09","text":"Kalshi filed petition for rehearing en banc."},{"date":"2026-09-25","text":"Nevada opposed Kalshi's request to defer the en banc petition for CFTC rulemaking (secondary)."}],"sources":[{"label":"Ninth Circuit opinion (PDF)","url":"https://cdn.ca9.uscourts.gov/datastore/opinions/2026/08/28/25-7516.pdf","primary":true},{"label":"Ninth Circuit opinion (Justia)","url":"https://law.justia.com/cases/federal/appellate-courts/ca9/25-7516/25-7516-2026-08-28.html","primary":true},{"label":"Nevada Gaming Control Board filing: opposition to Kalshi stay motion (PDF)","url":"https://www.gaming.nv.gov/siteassets/content/about/press-release/dkt-63---opposition-to-kalshis-motion-for-administrative-stay.pdf","primary":true},{"label":"Cert petition (PDF), No. 26-299","url":"https://www.supremecourt.gov/DocketPDF/26/26-299/422751/20260902102245623_26-_PetitionForWritOfCertiorari.pdf","primary":true},{"label":"News: InGame (Kalshi en banc / Robinhood cert)","url":"https://www.ingame.com/kalshi-robinhood-scotus-en-banc/","primary":false},{"label":"Tracker: Mick Bransfield prediction-market litigation tracker","url":"https://mickbransfield.com/2025/08/11/summary-of-legal-actions-involving-kalshis-sports-event-contracts/","primary":false},{"label":"CDC Gaming: Nevada opposes Kalshi's bid to delay rehearing","url":"https://cdcgaming.com/nevada-attorney-opposes-kalshis-bid-to-delay-rehearing-due-to-cftc-rulemaking/","primary":false},{"label":"CasinoBeats (Oct. 5, 2026)","url":"https://casinobeats.com/2026/10/05/kalshi-rehearing-nevada/","primary":false}],"confidence":"high","verified_through":"2026-10-05"},{"id":"new-york-v-polymarket","title":"People of the State of New York v. QCX LLC (d/b/a Polymarket US); QCX LLC v. James","short":"New York AG v. Polymarket","court":"Supreme Court of the State of New York, New York County (reported removed); U.S. District Court for the Southern District of New York","docket":"Index No. 454221/2026 (N.Y. Sup. Ct.); 1:26-cv-08338 and 1:26-cv-08345 (S.D.N.Y.) (dockets per secondary tracker)","jurisdiction":"federal","kind":"enforcement","companies":["Polymarket"],"opposing":"New York Attorney General Letitia James","state":"NY","filed":"2026-09-24","status":"Just filed; Polymarket countersued","status_detail":"The AG sued Polymarket's U.S. exchange on Sept. 24, 2026 for allegedly operating an unlicensed gambling business; Polymarket immediately filed its own federal suit against the AG, and the state case was reported removed to federal court (both reportedly before Judge Ronnie Abrams). No rulings yet. All details are from secondary sources.","favors":"pending","last_action":{"date":"2026-09-24","text":"AG filed suit; Polymarket (QCX LLC) filed a federal countersuit (secondary)."},"next_action":{"date":null,"text":null},"timeline":[{"date":"2026-09-24","text":"Complaint and countersuit filed."}],"sources":[{"label":"Timeline: RotoWire prediction-markets legal timeline","url":"https://www.rotowire.com/prediction-markets/legal-timeline","primary":false},{"label":"Tracker: Mick Bransfield prediction-market litigation tracker","url":"https://mickbransfield.com/2025/08/11/summary-of-legal-actions-involving-kalshis-sports-event-contracts/","primary":false},{"label":"News: InGame (New York sues Kalshi)","url":"https://www.ingame.com/new-york-sues-kalshi-state-court/","primary":false}],"confidence":"medium","verified_through":"2026-09-30"},{"id":"kalshi-v-montana","title":"KalshiEX LLC v. Knudsen","short":"Kalshi v. Montana","court":"U.S. District Court for the District of Montana","docket":"6:26-cv-00028 (D. Mont.)","jurisdiction":"federal","kind":"preemption","companies":["Kalshi"],"opposing":"Montana Attorney General Austin Knudsen and state gambling regulators","state":"MT","filed":"2026-04","status":"Dismissed by joint stipulation","status_detail":"Kalshi sued after Montana issued a second cease-and-desist letter. On Sept. 21, 2026 the court dismissed the case on a joint stipulation under which Kalshi dropped its claims and Montana regulators agreed not to enforce against its event contracts without 30 days' notice (secondary).","favors":"mixed","last_action":{"date":"2026-09-21","text":"Order dismissing case on joint stipulation (Doc. 36) (secondary reporting)."},"next_action":{"date":null,"text":null},"timeline":[{"date":"2026-09-21","text":"Case dismissed by stipulation."}],"sources":[{"label":"Cert petition (PDF), No. 26-299","url":"https://www.supremecourt.gov/DocketPDF/26/26-299/422751/20260902102245623_26-_PetitionForWritOfCertiorari.pdf","primary":true},{"label":"Tracker: DeFi Rate prediction-market legal tracker","url":"https://defirate.com/prediction-markets/legal/","primary":false},{"label":"News: Straight to the Point (list of Kalshi suits)","url":"https://straighttothepoint.substack.com/p/maybe-ill-sue-you-for-punitive-damages","primary":false}],"confidence":"medium","verified_through":"2026-09-22"},{"id":"ho-chunk-nation-v-kalshi","title":"Ho-Chunk Nation v. Kalshi Inc.","short":"Ho-Chunk Nation v. Kalshi","court":"U.S. District Court for the Western District of Wisconsin; U.S. Court of Appeals for the Seventh Circuit (petition for permission to appeal)","docket":"3:25-cv-00698 (W.D. Wis.); 26-8020 (7th Cir.)","jurisdiction":"federal","kind":"tribal","companies":["Kalshi","Robinhood"],"opposing":"Ho-Chunk Nation","state":null,"filed":"2025-08","status":"IGRA claim survives; interlocutory appeal sought","status_detail":"Judge William Conley let the Ho-Chunk Nation's IGRA claim against Kalshi proceed (May 11, 2026), holding online wagering occurs where the bettor is located and rejecting CEA preemption of tribal gaming authority, but dismissed Lanham Act and RICO claims and the Robinhood defendants and denied a preliminary injunction. After the court certified the question for interlocutory review, Kalshi petitioned the Seventh Circuit for permission to appeal on Sept. 21, 2026.","favors":"mixed","last_action":{"date":"2026-09-21","text":"Kalshi filed a 28 U.S.C. 1292(b) petition for permission to appeal (No. 26-8020)."},"next_action":{"date":null,"text":"Seventh Circuit decision whether to accept the interlocutory appeal."},"timeline":[{"date":"2026-05-11","text":"Motions to dismiss granted in part and denied in part; preliminary injunction denied."},{"date":"2026-09-11","text":"District court certified interlocutory appeal (date per secondary source)."},{"date":"2026-09-21","text":"Petition for permission to appeal filed."}],"sources":[{"label":"W.D. Wis. opinion and order (Justia)","url":"https://law.justia.com/cases/federal/district-courts/wisconsin/wiwdc/3:2025cv00698/55038/97/","primary":true},{"label":"Seventh Circuit docket No. 26-8020 (Justia)","url":"https://dockets.justia.com/docket/circuit-courts/ca7/26-8020","primary":true},{"label":"W.D. Wis. docket (CourtListener)","url":"https://www.courtlistener.com/docket/71158158/ho-chunk-nation-v-kalshi-inc/","primary":true},{"label":"News: Courthouse News (Ho-Chunk ruling)","url":"https://www.courthousenews.com/federal-judge-rejects-tribes-bid-to-oust-prediction-markets-in-wisconsin/","primary":false},{"label":"Blog: DeSilva Law (three cert petitions; Ho-Chunk certification)","url":"https://www.desilvalawoffices.com/articles/blog/2026/september/prediction-markets-at-the-supreme-court-a-state-/","primary":false}],"confidence":"high","verified_through":"2026-09-22"},{"id":"kalshi-v-iowa","title":"KalshiEX LLC v. Bird","short":"Kalshi v. Iowa","court":"U.S. District Court for the Southern District of Iowa; U.S. Court of Appeals for the Eighth Circuit","docket":"4:26-cv-00109 (S.D. Iowa); Eighth Circuit number not verified","jurisdiction":"federal","kind":"preemption","companies":["Kalshi"],"opposing":"Iowa Attorney General Brenna Bird and Iowa Racing and Gaming Commission officials","state":"IA","filed":"2026-03-11","status":"PI denied; appeal noticed","status_detail":"Kalshi sued to block Iowa enforcement in March 2026. The district court denied a preliminary injunction (decision date not verified), and Kalshi filed an interlocutory notice of appeal to the Eighth Circuit on Sept. 15, 2026 (secondary). Illinois has cited the Iowa ruling as supplemental authority.","favors":"states","last_action":{"date":"2026-09-15","text":"Kalshi filed an interlocutory notice of appeal (secondary reporting)."},"next_action":{"date":null,"text":null},"timeline":[{"date":"2026-03-11","text":"Kalshi filed suit (secondary)."},{"date":"2026-09-15","text":"Notice of appeal (secondary)."}],"sources":[{"label":"Cert petition (PDF), No. 26-299","url":"https://www.supremecourt.gov/DocketPDF/26/26-299/422751/20260902102245623_26-_PetitionForWritOfCertiorari.pdf","primary":true},{"label":"Tracker: DeFi Rate prediction-market legal tracker","url":"https://defirate.com/prediction-markets/legal/","primary":false}],"confidence":"medium","verified_through":"2026-09-22"},{"id":"us-v-new-york","title":"United States v. New York","short":"CFTC v. New York","court":"U.S. District Court for the Southern District of New York","docket":"1:26-cv-03404-LGS (S.D.N.Y.)","jurisdiction":"federal","kind":"preemption","companies":["Kalshi","Coinbase","Gemini"],"opposing":"State of New York and state officials (plaintiffs: United States and CFTC)","state":"NY","filed":"2026-04-24","status":"Pending — PI motion argued","status_detail":"The CFTC and the Justice Department seek a declaration that New York's cease-and-desist letters and civil suits against CFTC-registered exchanges are preempted, and an injunction against them. Judge Lorna Schofield heard argument on a preliminary-injunction motion on Sept. 14, 2026 and had not ruled as of the latest tracker update (secondary).","favors":"pending","last_action":{"date":"2026-09-14","text":"Court heard argument on the preliminary-injunction motion; no ruling (secondary reporting)."},"next_action":{"date":null,"text":"Ruling on the preliminary-injunction motion."},"timeline":[{"date":"2026-04-24","text":"CFTC filed suit."},{"date":"2026-09-14","text":"Preliminary-injunction argument (secondary)."}],"sources":[{"label":"CFTC press release 9218-26 (suit vs. New York)","url":"https://www.cftc.gov/PressRoom/PressReleases/9218-26","primary":true},{"label":"CFTC complaint vs. New York (PDF)","url":"https://www.cftc.gov/media/13766/ENFNewYorkComplanit042426/download","primary":true},{"label":"Cert petition (PDF), No. 26-338","url":"https://www.supremecourt.gov/DocketPDF/26/26-338/423750/20260910115039631_Robinhood%20Pet%20for%20Cert.pdf","primary":true},{"label":"Tracker: DeFi Rate prediction-market legal tracker","url":"https://defirate.com/prediction-markets/legal/","primary":false}],"confidence":"medium","verified_through":"2026-09-22"},{"id":"us-v-arizona","title":"United States v. Arizona; KalshiEX LLC v. Johnson (consolidated)","short":"CFTC & Kalshi v. Arizona","court":"U.S. District Court for the District of Arizona; U.S. Court of Appeals for the Ninth Circuit","docket":"2:26-cv-01715-MTL and 2:26-cv-02246 (D. Ariz.); 26-4281 and 26-2978 (9th Cir.)","jurisdiction":"federal","kind":"preemption","companies":["Kalshi","Crypto.com"],"opposing":"Arizona officials (Johnson et al.), including Attorney General Kris Mayes","state":"AZ","filed":"2026-03-12","status":"Injunction for CFTC blocks Arizona enforcement; state seeks to dissolve","status_detail":"Judge Michael Liburdi denied Kalshi's own injunction request under the Anti-Injunction Act but, on the CFTC's motion, entered a TRO and then a preliminary injunction (May 5, 2026) barring Arizona from criminal or civil enforcement of its gambling laws against CFTC-registered exchanges, halting the state's prosecution of Kalshi; Crypto.com joined as an intervenor-plaintiff. Arizona's Ninth Circuit appeal is stayed pending the Nevada appeals, and after Assad the state moved to dissolve the injunction (September 2026, secondary).","favors":"industry","last_action":{"date":"2026-09-14","text":"Arizona moved to vacate/dissolve the preliminary injunction in light of Assad (secondary reporting)."},"next_action":{"date":null,"text":"Ruling on Arizona's motion to dissolve; Ninth Circuit appeal No. 26-4281 stayed."},"timeline":[{"date":"2026-03-12","text":"Kalshi sued Arizona officials."},{"date":"2026-03-16","text":"Court denied Kalshi's initial TRO request."},{"date":"2026-04-02","text":"CFTC/United States sued Arizona; cases consolidated before Judge Liburdi."},{"date":"2026-04-08","text":"Court denied Kalshi's PI and TRO motions (Anti-Injunction Act)."},{"date":"2026-04-10","text":"Court granted the CFTC a TRO against Arizona enforcement."},{"date":"2026-04-23","text":"Crypto.com (CDNA) joined as intervenor-plaintiff."},{"date":"2026-05-05","text":"Court granted the CFTC's preliminary injunction."},{"date":"2026-05-08","text":"Kalshi noticed an interlocutory appeal."},{"date":"2026-07-06","text":"Arizona officials' appeal docketed (No. 26-4281)."},{"date":"2026-07-21","text":"Ninth Circuit granted joint motion to stay the appeal pending the Nevada appeals."},{"date":"2026-09-14","text":"Arizona moved to dissolve the injunction (secondary)."}],"sources":[{"label":"D. Ariz. docket (Justia)","url":"https://dockets.justia.com/docket/arizona/azdce/2:2026cv01715/1483385","primary":true},{"label":"D. Ariz. order denying Kalshi PI (Justia, Doc. 51)","url":"https://docs.justia.com/cases/federal/district-courts/arizona/azdce/2:2026cv01715/1483385/51","primary":true},{"label":"Ninth Circuit docket No. 26-4281 (Justia)","url":"https://dockets.justia.com/docket/circuit-courts/ca9/26-4281","primary":true},{"label":"CFTC press release 9206-26 (suits vs. AZ, CT, IL)","url":"https://www.cftc.gov/PressRoom/PressReleases/9206-26","primary":true},{"label":"CFTC press release 9208-26 (Arizona TRO motion)","url":"https://www.cftc.gov/PressRoom/PressReleases/9208-26","primary":true},{"label":"CFTC press release 9211-26 (Arizona TRO)","url":"https://www.cftc.gov/PressRoom/PressReleases/9211-26","primary":true},{"label":"Cert petition (PDF), No. 26-299","url":"https://www.supremecourt.gov/DocketPDF/26/26-299/422751/20260902102245623_26-_PetitionForWritOfCertiorari.pdf","primary":true},{"label":"News: Gambling Insider (Arizona PI)","url":"https://www.gamblinginsider.com/news/158205/arizona-judge-grants-cftc-preliminary-injunction-kalshi-case","primary":false},{"label":"News: Arizona Mirror (Mayes seeks to revive case)","url":"https://azmirror.com/2026/09/25/after-9th-circuit-ruling-mayes-pushes-to-revive-her-gambling-case-against-kalshi/","primary":false}],"confidence":"high","verified_through":"2026-09-25"},{"id":"underdog-v-states","title":"Underdog Exchange DCM, Inc. v. Campbell; v. Torrez; v. Wilson; v. Kaul; v. Brown","short":"Underdog's multistate preemption suits","court":"U.S. District Courts for the District of Massachusetts, District of New Mexico, Northern District of Ohio, Western District of Wisconsin and Western District of Washington","docket":"1:26-cv-14098 (D. Mass.); 1:26-cv-02935-JFR-JMR (D.N.M.); 1:26-cv-02169 (N.D. Ohio); 3:26-cv-00858 (W.D. Wis.); 2:26-cv-03200 (W.D. Wash.)","jurisdiction":"federal","kind":"preemption","companies":["Underdog"],"opposing":"Attorneys general and gaming officials of Massachusetts, New Mexico, Ohio, Wisconsin and Washington","state":null,"filed":"2026-09-08","status":"Filed — no rulings","status_detail":"Underdog's CFTC-registered exchange filed five coordinated suits on Sept. 8, 2026 seeking declarations that the CEA preempts state gaming enforcement against its sports event contracts, plus injunctions; a sixth suit against Connecticut was reported on Sept. 15. No relief has been granted (secondary).","favors":"pending","last_action":{"date":"2026-09-14","text":"Washington case reassigned (secondary reporting)."},"next_action":{"date":null,"text":null},"timeline":[{"date":"2026-09-08","text":"Five complaints filed."}],"sources":[{"label":"Tracker: DeFi Rate prediction-market legal tracker","url":"https://defirate.com/prediction-markets/legal/","primary":false},{"label":"Tracker: Mick Bransfield prediction-market litigation tracker","url":"https://mickbransfield.com/2025/08/11/summary-of-legal-actions-involving-kalshis-sports-event-contracts/","primary":false}],"confidence":"medium","verified_through":"2026-09-22"},{"id":"us-v-connecticut","title":"United States v. Connecticut","short":"CFTC v. Connecticut","court":"U.S. District Court for the District of Connecticut","docket":"3:26-cv-00498 (D. Conn.)","jurisdiction":"federal","kind":"preemption","companies":["Kalshi","Coinbase"],"opposing":"State of Connecticut, Gov. Ned Lamont and state officials (plaintiffs: United States and CFTC)","state":"CT","filed":"2026-04-02","status":"Pending — PI and intervention motions","status_detail":"One of the CFTC's first three suits against states, seeking a declaration that Connecticut's enforcement against CFTC-registered exchanges is preempted. As of mid-September 2026 a CFTC preliminary-injunction motion and intervention motions were pending (secondary); the same court has meanwhile ruled against Kalshi and Coinbase in their parallel suits.","favors":"pending","last_action":{"date":"2026-09-11","text":"CFTC moved for a preliminary injunction (secondary reporting)."},"next_action":{"date":null,"text":"Ruling on the preliminary-injunction and intervention motions."},"timeline":[{"date":"2026-04-02","text":"CFTC filed suit."},{"date":"2026-09-11","text":"CFTC preliminary-injunction motion (secondary)."}],"sources":[{"label":"CFTC press release 9206-26 (suits vs. AZ, CT, IL)","url":"https://www.cftc.gov/PressRoom/PressReleases/9206-26","primary":true},{"label":"Cert petition (PDF), No. 26-338","url":"https://www.supremecourt.gov/DocketPDF/26/26-338/423750/20260910115039631_Robinhood%20Pet%20for%20Cert.pdf","primary":true},{"label":"Tracker: DeFi Rate prediction-market legal tracker","url":"https://defirate.com/prediction-markets/legal/","primary":false},{"label":"Tracker: Mick Bransfield prediction-market litigation tracker","url":"https://mickbransfield.com/2025/08/11/summary-of-legal-actions-involving-kalshis-sports-event-contracts/","primary":false}],"confidence":"medium","verified_through":"2026-09-22"},{"id":"kalshi-v-maryland","title":"KalshiEX LLC v. Martin","short":"Kalshi v. Maryland","court":"U.S. Court of Appeals for the Fourth Circuit; U.S. District Court for the District of Maryland","docket":"25-1892 (4th Cir.); 1:25-cv-01283-ABA (D. Md.)","jurisdiction":"federal","kind":"preemption","companies":["Kalshi"],"opposing":"Maryland Lottery and Gaming Control Agency and Commission officials (John Martin et al.)","state":"MD","filed":"2025-04-21","status":"Pending — argued May 7, 2026","status_detail":"Judge Adam Abelson denied Kalshi a preliminary injunction on Aug. 1, 2025, finding no CEA preemption of Maryland's gaming laws. A Fourth Circuit panel (Gregory, Thacker, Benjamin, JJ.) heard argument May 7, 2026 and has not ruled; Maryland agreed not to enforce against Kalshi until the Fourth Circuit decides (secondary). The parties filed Rule 28(j) letters on the Ninth Circuit's Assad ruling in September (secondary).","favors":"states","last_action":{"date":"2026-09-09","text":"Parties filed Rule 28(j) letters addressing the Ninth Circuit's Assad decision (secondary reporting)."},"next_action":{"date":null,"text":"Fourth Circuit decision."},"timeline":[{"date":"2025-04-21","text":"Kalshi sued Maryland regulators (filing date per secondary tracker)."},{"date":"2025-08-01","text":"District court denied a preliminary injunction."},{"date":"2026-05-07","text":"Fourth Circuit oral argument."},{"date":"2026-09-09","text":"Rule 28(j) letters filed regarding Assad (secondary)."}],"sources":[{"label":"D. Md. order denying PI (PDF)","url":"https://www2.mdd.uscourts.gov/Opinions/Opinions/2025-08-01_Kalshiex_Deny_Mot_for_PI_(25-cv-1283).pdf","primary":true},{"label":"D. Md. docket (CourtListener)","url":"https://www.courtlistener.com/docket/69923752/kalshiex-llc-v-martin/","primary":true},{"label":"Fourth Circuit docket No. 25-1892 (CourtListener)","url":"https://www.courtlistener.com/docket/71042736/kalshiex-llc-v-john-martin/","primary":true},{"label":"Fourth Circuit May 2026 argument calendar (PDF)","url":"https://www.ca4.uscourts.gov/cal/internetcalMay52026.pdf","primary":true},{"label":"News: InGame (Fourth Circuit argument)","url":"https://www.ingame.com/fourth-circuit-judges-wary-kalshi-maryland/","primary":false},{"label":"News: InGame (Maryland enforcement standstill)","url":"https://www.ingame.com/maryland-enforce-laws-kalshi-fourth-circuit/","primary":false},{"label":"Tracker: DeFi Rate prediction-market legal tracker","url":"https://defirate.com/prediction-markets/legal/","primary":false}],"confidence":"high","verified_through":"2026-09-30"},{"id":"kalshi-v-new-york","title":"KalshiEX LLC v. Williams","short":"Kalshi v. New York (Gaming Commission)","court":"U.S. Court of Appeals for the Second Circuit; U.S. District Court for the Southern District of New York","docket":"26-1835 (2d Cir.); 1:25-cv-08846-AT (S.D.N.Y.)","jurisdiction":"federal","kind":"preemption","companies":["Kalshi"],"opposing":"New York State Gaming Commission officials (Executive Director Robert Williams et al.)","state":"NY","filed":"2025-10-27","status":"PI denied; appeal in briefing","status_detail":"Judge Analisa Torres denied Kalshi a preliminary injunction on July 7, 2026, holding New York's gambling laws are not preempted as applied to its sports contracts (and dismissing the Commission itself on Eleventh Amendment grounds). The district court and a Second Circuit judge refused interim relief in late July, after which New York's enforcement standstill lapsed. The appeal will be heard in tandem with Kalshi's and Coinbase's Connecticut appeals; the CFTC filed an amicus brief for Kalshi.","favors":"states","last_action":{"date":"2026-09-08","text":"CFTC and Paradigm filed amicus briefs supporting Kalshi in the Second Circuit."},"next_action":{"date":"2026-10-30","text":"New York's appellee brief due."},"timeline":[{"date":"2025-10-24","text":"Gaming Commission sent Kalshi a cease-and-desist letter."},{"date":"2025-10-27","text":"Kalshi filed suit."},{"date":"2026-07-07","text":"District court denied a preliminary injunction."},{"date":"2026-07-08","text":"Appeal docketed (No. 26-1835)."},{"date":"2026-07-28","text":"District court denied an injunction pending appeal (secondary)."},{"date":"2026-07-29","text":"Second Circuit judge denied a temporary injunction and referred the motion to a three-judge panel."},{"date":"2026-08-31","text":"Kalshi filed its opening brief."},{"date":"2026-09-03","text":"Second Circuit ordered Nos. 26-1835, 26-2239 and 26-2297 heard in tandem."},{"date":"2026-09-08","text":"CFTC and Paradigm amicus briefs filed."}],"sources":[{"label":"S.D.N.Y. opinion & order denying PI (PDF, via NY AG)","url":"https://ag.ny.gov/sites/default/files/court-filings/kalshiex-llc-v-new-york-state-gaming-commission-et-al-opinion-and-order-2026.pdf","primary":true},{"label":"Second Circuit docket No. 26-1835 (Justia)","url":"https://dockets.justia.com/docket/circuit-courts/ca2/26-1835","primary":true},{"label":"S.D.N.Y. docket (CourtListener)","url":"https://www.courtlistener.com/docket/71766515/kalshiex-llc-v-williams/","primary":true},{"label":"News: Covers (injunction pending appeal denied)","url":"https://www.covers.com/industry/federal-judge-denies-kalshi-emergency-injunction-request-in-new-york-july-28-2026","primary":false},{"label":"News: Gambling Insider (Second Circuit denial)","url":"https://www.gamblinginsider.com/news/179203/appeals-court-judge-denies-kalshi-injunction-new-york","primary":false}],"confidence":"high","verified_through":"2026-09-08"},{"id":"robinhood-polymarket-v-michigan","title":"Robinhood Derivatives, LLC v. Nessel; QCX LLC (d/b/a Polymarket US) v. Nessel","short":"Robinhood & Polymarket v. Michigan","court":"U.S. Court of Appeals for the Sixth Circuit; U.S. District Court for the Western District of Michigan","docket":"26-1542 and 26-1552 (6th Cir.); 1:26-cv-00730 and 1:26-cv-00710 (W.D. Mich.)","jurisdiction":"federal","kind":"preemption","companies":["Robinhood","Polymarket"],"opposing":"Michigan Attorney General Dana Nessel and Michigan Gaming Control Board officials","state":"MI","filed":"2026-03","status":"PIs denied; appeals pending; Robinhood paused Michigan sports contracts","status_detail":"Judge Paul Maloney denied both companies preliminary injunctions on June 19, 2026, finding no clear congressional intent to displace state gambling regulation. Their Sixth Circuit appeals are proceeding on a regular schedule after the court declined to fast-track them with Kalshi's Ohio and Tennessee appeals. Under a court-approved stipulation entered Sept. 4, 2026, Robinhood stops offering new sports contracts to Michigan customers and must close open positions by Oct. 9, while Michigan forbears from enforcement (secondary).","favors":"states","last_action":{"date":"2026-09-04","text":"District court entered stipulation pausing Robinhood's Michigan sports contracts (secondary reporting)."},"next_action":{"date":null,"text":"Sixth Circuit decision in the pending appeals."},"timeline":[{"date":"2026-06-19","text":"District court denied preliminary injunctions to Robinhood and Polymarket US."},{"date":"2026-06-23","text":"Robinhood's appeal docketed (No. 26-1542)."},{"date":"2026-07-02","text":"Sixth Circuit denied motion to expedite and consolidate with Kalshi's appeals."},{"date":"2026-08-17","text":"Robinhood filed its opening brief."},{"date":"2026-09-04","text":"Stipulated pause entered (secondary)."},{"date":"2026-10-09","text":"Stipulated deadline for Robinhood to close open Michigan sports positions passed (no dispute reported)."}],"sources":[{"label":"Sixth Circuit docket No. 26-1542 (Justia)","url":"https://dockets.justia.com/docket/circuit-courts/ca6/26-1542","primary":true},{"label":"Cert petition (PDF), No. 26-299","url":"https://www.supremecourt.gov/DocketPDF/26/26-299/422751/20260902102245623_26-_PetitionForWritOfCertiorari.pdf","primary":true},{"label":"Cert petition (PDF), No. 26-338","url":"https://www.supremecourt.gov/DocketPDF/26/26-338/423750/20260910115039631_Robinhood%20Pet%20for%20Cert.pdf","primary":true},{"label":"News: Legal Sports Report (Robinhood Michigan pause)","url":"https://www.legalsportsreport.com/276268/robinhood-agrees-to-pause-sports-contracts-in-michigan/","primary":false},{"label":"News: Covers (Polymarket Michigan PI denied)","url":"https://www.covers.com/industry/federal-judge-denies-polymarket-preliminary-injunction-request-in-michigan-case-june-19-2026","primary":false}],"confidence":"high","verified_through":"2026-10-12"},{"id":"kalshi-v-connecticut","title":"KalshiEX LLC v. Cafferelli (with Coinbase Financial Markets, Inc. v. Tong)","short":"Kalshi & Coinbase v. Connecticut","court":"U.S. Court of Appeals for the Second Circuit; U.S. District Court for the District of Connecticut","docket":"26-2239 and 26-2297 (2d Cir.); 3:25-cv-02016 and 3:25-cv-02121 (D. Conn.)","jurisdiction":"federal","kind":"preemption","companies":["Kalshi","Coinbase"],"opposing":"Connecticut Department of Consumer Protection (Commissioner Bryan Cafferelli et al.) and Attorney General William Tong","state":"CT","filed":"2025-12","status":"PIs denied; appeals pending","status_detail":"Judge Vernon D. Oliver denied preliminary injunctions to Kalshi and Coinbase in August 2026, rejecting their preemption challenges to Connecticut's enforcement. Both appealed, and the Second Circuit ordered the appeals heard in tandem with Kalshi's New York appeal. Connecticut's AG and DCP then sued Kalshi to stop unlicensed sports wagering (announced Aug. 26, 2026), and DCP issued cease-and-desist orders to nine more platforms in September (secondary).","favors":"states","last_action":{"date":"2026-09-03","text":"Second Circuit directed Nos. 26-2297, 26-1835 and 26-2239 to be heard in tandem."},"next_action":{"date":null,"text":"Second Circuit briefing; argument not yet scheduled."},"timeline":[{"date":"2026-08-10","text":"District court denied PIs to Kalshi and Coinbase (date per WL citations in NJ cert petition; the Second Circuit docket references a memorandum and order dated Aug. 7)."},{"date":"2026-08-11","text":"Kalshi filed notice of appeal (No. 26-2239)."},{"date":"2026-08-26","text":"Connecticut AG and DCP announced suit against Kalshi."},{"date":"2026-09-03","text":"Tandem-hearing order in the Second Circuit."},{"date":"2026-09-10","text":"DCP issued cease-and-desist orders to nine other platforms (secondary)."}],"sources":[{"label":"Second Circuit docket No. 26-2239 (Justia)","url":"https://dockets.justia.com/docket/circuit-courts/ca2/26-2239","primary":true},{"label":"Second Circuit docket No. 26-1835 (Justia)","url":"https://dockets.justia.com/docket/circuit-courts/ca2/26-1835","primary":true},{"label":"Cert petition (PDF), No. 26-299","url":"https://www.supremecourt.gov/DocketPDF/26/26-299/422751/20260902102245623_26-_PetitionForWritOfCertiorari.pdf","primary":true},{"label":"Cert petition (PDF), No. 26-338","url":"https://www.supremecourt.gov/DocketPDF/26/26-338/423750/20260910115039631_Robinhood%20Pet%20for%20Cert.pdf","primary":true},{"label":"Connecticut AG press release (suit vs. Kalshi)","url":"https://portal.ct.gov/ag/press-releases/2026-press-releases/connecticut-sues-kalshi-to-stop-illegal-unlicensed-sports-betting","primary":true},{"label":"Tracker: DeFi Rate prediction-market legal tracker","url":"https://defirate.com/prediction-markets/legal/","primary":false}],"confidence":"high","verified_through":"2026-09-22"},{"id":"michigan-v-kalshi","title":"Nessel v. KalshiEX LLC","short":"Michigan AG v. Kalshi","court":"Circuit Court for the 30th Judicial Circuit (Ingham County), Michigan; U.S. Court of Appeals for the Sixth Circuit (removal appeal)","docket":"26-1087-CZ (Ingham Cnty. Cir. Ct.); 1:26-cv-00731 (W.D. Mich., remanded); 26-1639 (6th Cir.)","jurisdiction":"state","kind":"enforcement","companies":["Kalshi"],"opposing":"Michigan Attorney General Dana Nessel","state":"MI","filed":"2026-03-03","status":"Preliminary injunction in effect","status_detail":"After a federal judge remanded the AG's suit to state court (June 25, 2026), Judge Rosemarie Aquilina issued a TRO and, on Sept. 1, 2026, a preliminary injunction requiring Kalshi to use a third-party geolocation provider meeting Michigan Gaming Control Board standards to block sports wagering by people in Michigan, with $500,000-per-day penalties for noncompliance. A July state-court directive to void Michigan users' open trades prompted a July 14 CFTC order, issued under its emergency authority, directing Kalshi to honor them. Kalshi's Sixth Circuit appeal of the remand order is held in abeyance.","favors":"states","last_action":{"date":"2026-09-01","text":"Preliminary injunction signed (geolocation mandate; $500,000/day penalty for noncompliance)."},"next_action":{"date":null,"text":"Further state-court proceedings; Sixth Circuit remand appeal in abeyance."},"timeline":[{"date":"2026-03-03","text":"AG filed suit in Ingham County Circuit Court."},{"date":"2026-03-05","text":"Kalshi removed the case to federal court."},{"date":"2026-06-25","text":"W.D. Mich. (Judge Paul Maloney) granted remand."},{"date":"2026-06-29","text":"State court issued a temporary restraining order (secondary)."},{"date":"2026-07-06","text":"Court clarified that affected trades be voided and refunded (secondary)."},{"date":"2026-07-14","text":"CFTC stayed Kalshi's rule change and ordered it to fulfill pending trades."},{"date":"2026-07-27","text":"Kalshi's Sixth Circuit appeal of the remand order docketed (No. 26-1639)."},{"date":"2026-08-17","text":"Preliminary-injunction hearing."},{"date":"2026-08-24","text":"Sixth Circuit held briefing in abeyance pending related appeals."},{"date":"2026-09-01","text":"Preliminary injunction entered."}],"sources":[{"label":"Ingham County preliminary injunction order (PDF, Michigan AG)","url":"https://www.michigan.gov/ag/-/media/Project/Websites/AG/releases/2026/September/Kalshi-Preliminary-Injunction-Order-Signed-Sep-1-2026.pdf","primary":true},{"label":"W.D. Mich. order granting remand (PDF, Michigan AG)","url":"https://www.michigan.gov/ag/-/media/Project/Websites/AG/releases/2026/June/Kalshi-Order-Granting-Motion-to-Remand.pdf","primary":true},{"label":"CFTC press release 9267-26 (emergency order re Michigan trades)","url":"https://www.cftc.gov/PressRoom/PressReleases/9267-26","primary":true},{"label":"Sixth Circuit docket No. 26-1639 (Justia)","url":"https://dockets.justia.com/docket/circuit-courts/ca6/26-1639","primary":true},{"label":"News: DeFi Rate (CFTC emergency powers in Michigan)","url":"https://defirate.com/news/cftc-invokes-emergency-powers-to-block-kalshi-trade-cancellations-in-michigan/","primary":false}],"confidence":"high","verified_through":"2026-09-08"},{"id":"cftc-in-re-perez","title":"In the Matter of Gabriel Perez (CFTC administrative proceeding)","short":"White House teleprompter operator (Kalshi mention markets)","court":"Commodity Futures Trading Commission (administrative order)","docket":null,"jurisdiction":"federal","kind":"enforcement","companies":["Kalshi"],"opposing":"CFTC v. Gabriel Perez","state":null,"filed":"2026-08-28","status":"Settled — CFTC order","status_detail":"A White House teleprompter operator who saw presidential speeches before delivery settled CFTC charges that he misappropriated nonpublic government information to trade KalshiEX presidential 'mention' contracts from December 2025 to February 2026, paying $107,539.02 in disgorgement and a $65,000 penalty and accepting a three-year trading ban. The CFTC issued a staff advisory on mention markets on Sept. 22, 2026.","favors":"mixed","last_action":{"date":"2026-08-28","text":"CFTC settlement order announced."},"next_action":{"date":null,"text":null},"timeline":[{"date":"2026-08-28","text":"Settlement order announced."},{"date":"2026-09-22","text":"CFTC staff advisory on mention markets released."}],"sources":[{"label":"CFTC press release 9289-26 (Perez order)","url":"https://www.cftc.gov/PressRoom/PressReleases/9289-26","primary":true},{"label":"CFTC press release 9302-26 (staff advisory on mention markets)","url":"https://www.cftc.gov/PressRoom/PressReleases/9302-26","primary":true}],"confidence":"high","verified_through":"2026-08-28"},{"id":"new-york-v-kalshi","title":"People of the State of New York v. KalshiEX LLC","short":"New York AG v. Kalshi","court":"Supreme Court of the State of New York, New York County (removed to U.S. District Court for the Southern District of New York)","docket":"Index No. 453272/2026 (N.Y. Sup. Ct.); 1:26-cv-06550 (S.D.N.Y.)","jurisdiction":"federal","kind":"enforcement","companies":["Kalshi"],"opposing":"New York Attorney General Letitia James","state":"NY","filed":"2026-07-31","status":"Removed to federal court; remand motion pending","status_detail":"Filed at 12:01 a.m. on July 31, 2026, the AG's petition alleges Kalshi runs an unlicensed gambling business in violation of New York law and the federal Wire Act, seeking an injunction, restitution, disgorgement, per-offering penalties and treble-gain penalties (reported at up to $36 billion). Kalshi removed it the same day and New York moved to remand. On Aug. 11, 2026 the CFTC invoked its CEA section 8a(9) emergency authority to direct Kalshi to keep operating normally.","favors":"pending","last_action":{"date":"2026-08-21","text":"Kalshi opposed New York's motion to remand (secondary reporting)."},"next_action":{"date":null,"text":"Ruling on New York's remand motion."},"timeline":[{"date":"2026-07-31","text":"AG filed petition in New York County Supreme Court; Kalshi removed to S.D.N.Y. the same day."},{"date":"2026-08-11","text":"CFTC issued an emergency order directing Kalshi to continue normal exchange operations."},{"date":"2026-08-21","text":"Kalshi filed opposition to remand (secondary)."}],"sources":[{"label":"NY AG petition (PDF)","url":"https://ag.ny.gov/sites/default/files/court-filings/new-york-v-kalshiex-llc-petition-2026.pdf","primary":true},{"label":"CFTC emergency order under CEA 8a(9) (PDF)","url":"https://www.cftc.gov/media/14471/OGC_MarketEmergencyDeclarationOrder081126/download","primary":true},{"label":"CFTC press release 9281-26 (emergency authority, Aug. 11)","url":"https://www.cftc.gov/PressRoom/PressReleases/9281-26","primary":true},{"label":"News: InGame (New York sues Kalshi)","url":"https://www.ingame.com/new-york-sues-kalshi-state-court/","primary":false},{"label":"News: ReadWrite (remand fight)","url":"https://readwrite.com/kalshi-fights-new-york-bid-to-move-prediction-market-case-to-state-court-from-federal-court/","primary":false}],"confidence":"medium","verified_through":"2026-08-24"},{"id":"us-v-wisconsin","title":"United States v. Wisconsin","short":"CFTC v. Wisconsin","court":"U.S. Court of Appeals for the Seventh Circuit; U.S. District Court for the Eastern District of Wisconsin","docket":"26-2636, 26-2675 and 26-2696 (7th Cir.); 26-C-749 (E.D. Wis.)","jurisdiction":"federal","kind":"preemption","companies":["Kalshi","Polymarket","Crypto.com","Robinhood","Coinbase"],"opposing":"State of Wisconsin and Attorney General Josh Kaul (plaintiffs: United States and CFTC)","state":"WI","filed":"2026-04-28","status":"PI denied; appeals pending in Seventh Circuit","status_detail":"The CFTC sued days after Wisconsin filed civil suits alleging Kalshi, Polymarket, Crypto.com, Robinhood and Coinbase offer illegal sports betting. The district court denied the federal government's preliminary-injunction request on July 29, 2026, and the United States/CFTC and Kalshi appealed; Seventh Circuit briefing is under way.","favors":"states","last_action":{"date":"2026-08-14","text":"Kalshi's appeal docketed (No. 26-2675); the U.S./CFTC appeal (No. 26-2636) was docketed Aug. 10 with a motion to expedite."},"next_action":{"date":"2026-10-21","text":"Wisconsin's appellee brief due (per secondary tracker)."},"timeline":[{"date":"2026-04-28","text":"CFTC filed suit."},{"date":"2026-07-29","text":"District court denied a preliminary injunction."},{"date":"2026-08-10","text":"U.S./CFTC appeal docketed (No. 26-2636)."},{"date":"2026-08-11","text":"Motion to expedite the appeal filed."},{"date":"2026-08-14","text":"Kalshi appeal docketed (No. 26-2675)."}],"sources":[{"label":"CFTC press release 9220-26 (suit vs. Wisconsin)","url":"https://www.cftc.gov/PressRoom/PressReleases/9220-26","primary":true},{"label":"Cert petition (PDF), No. 26-299","url":"https://www.supremecourt.gov/DocketPDF/26/26-299/422751/20260902102245623_26-_PetitionForWritOfCertiorari.pdf","primary":true},{"label":"Cert petition (PDF), No. 26-338","url":"https://www.supremecourt.gov/DocketPDF/26/26-338/423750/20260910115039631_Robinhood%20Pet%20for%20Cert.pdf","primary":true},{"label":"Seventh Circuit docket No. 26-2636 (Justia)","url":"https://dockets.justia.com/docket/circuit-courts/ca7/26-2636","primary":true},{"label":"Seventh Circuit docket No. 26-2675 (Justia)","url":"https://dockets.justia.com/docket/circuit-courts/ca7/26-2675","primary":true},{"label":"Tracker: Mick Bransfield prediction-market litigation tracker","url":"https://mickbransfield.com/2025/08/11/summary-of-legal-actions-involving-kalshis-sports-event-contracts/","primary":false}],"confidence":"medium","verified_through":"2026-09-30"},{"id":"washington-v-kalshi","title":"State of Washington v. KalshiEX LLC","short":"Washington AG v. Kalshi","court":"King County Superior Court, Washington","docket":"26-2-10264-3 (King Cnty. Super. Ct.)","jurisdiction":"state","kind":"enforcement","companies":["Kalshi"],"opposing":"Washington Attorney General Nick Brown","state":"WA","filed":"2026-03","status":"Preliminary injunction in effect","status_detail":"After a federal judge (John Coughenour) remanded the AG's suit to state court, the Superior Court granted a preliminary injunction in July 2026 finding Kalshi likely violated Washington's Gambling Act and Consumer Protection Act. An August order requires Kalshi to stop offering sports, election, politics, entertainment, culture, tech, science and 'mention' contracts to Washingtonians, with geofencing deadlines of Aug. 19 and Sept. 2, 2026; the Washington Court of Appeals denied Kalshi a stay.","favors":"states","last_action":{"date":"2026-08-13","text":"AG announced order requiring Kalshi to cease covered contracts and geofence Washington (order cited as Aug. 12, 2026)."},"next_action":{"date":null,"text":null},"timeline":[{"date":"2026-07-21","text":"Superior Court granted a preliminary injunction (date per secondary reporting)."},{"date":"2026-08-12","text":"Order implementing the injunction entered."},{"date":"2026-08-19","text":"Deadline for IP/residency-based geofencing."},{"date":"2026-09-02","text":"Deadline for multi-source geofencing."}],"sources":[{"label":"Washington AG press release (order vs. Kalshi)","url":"https://www.atg.wa.gov/news/news-releases/judge-orders-kalshi-cease-numerous-washington-operations","primary":true},{"label":"Cert petition (PDF), No. 26-299","url":"https://www.supremecourt.gov/DocketPDF/26/26-299/422751/20260902102245623_26-_PetitionForWritOfCertiorari.pdf","primary":true},{"label":"News: SBC Americas (Washington remand; NM tribes)","url":"https://sbcamericas.com/2026/05/19/kalshi-new-lawsuits-appeal-washington/","primary":false},{"label":"News: crypto.news (CFTC rules at OIRA; state cases)","url":"https://crypto.news/the-cftc-has-sent-prediction-market-rules-to-the-white-house-states-are-still-in-court","primary":false}],"confidence":"medium","verified_through":"2026-09-30"},{"id":"kalshi-v-utah","title":"KalshiEX LLC v. Cox","short":"Kalshi v. Utah","court":"U.S. Court of Appeals for the Tenth Circuit; U.S. District Court for the District of Utah","docket":"26-4100 (10th Cir.); 26-cv-00151 (D. Utah)","jurisdiction":"federal","kind":"preemption","companies":["Kalshi"],"opposing":"Gov. Spencer Cox, Attorney General Derek Brown and other Utah officials","state":"UT","filed":"2026-02-24","status":"PI denied; appeal pending","status_detail":"The district court denied Kalshi a preliminary injunction on Aug. 4, 2026, leaving Utah free to apply its anti-gambling laws to prediction markets; Kalshi appealed to the Tenth Circuit the next day. No appellate ruling located.","favors":"states","last_action":{"date":"2026-08-05","text":"Appeal docketed in the Tenth Circuit (No. 26-4100)."},"next_action":{"date":null,"text":null},"timeline":[{"date":"2026-02-24","text":"Kalshi filed suit (date per secondary timeline)."},{"date":"2026-08-04","text":"District court denied a preliminary injunction."},{"date":"2026-08-05","text":"Appeal docketed."}],"sources":[{"label":"Tenth Circuit docket No. 26-4100 (Justia)","url":"https://dockets.justia.com/docket/circuit-courts/ca10/26-4100","primary":true},{"label":"Cert petition (PDF), No. 26-299","url":"https://www.supremecourt.gov/DocketPDF/26/26-299/422751/20260902102245623_26-_PetitionForWritOfCertiorari.pdf","primary":true},{"label":"News: CBS Sports state-by-state status","url":"https://www.cbssports.com/prediction/news/prediction-market-legal-states/","primary":false},{"label":"Timeline: RotoWire prediction-markets legal timeline","url":"https://www.rotowire.com/prediction-markets/legal-timeline","primary":false}],"confidence":"high","verified_through":"2026-10-01"},{"id":"cftc-in-re-santos","title":"In the Matter of George Santos (CFTC administrative proceeding)","short":"George Santos State of the Union contract manipulation","court":"Commodity Futures Trading Commission (administrative order)","docket":null,"jurisdiction":"federal","kind":"enforcement","companies":[],"opposing":"CFTC v. George Santos","state":null,"filed":"2026-07-31","status":"Settled — CFTC order","status_detail":"The former congressman settled CFTC charges that he manipulated a 'Who will attend the State of the Union?' event contract by posting misleading statements about his own attendance while trading, paying $17,569.98 in disgorgement and a $17,500 penalty and accepting a three-year trading ban. The CFTC release does not name the platform; Kalshi later announced a lifetime ban (secondary).","favors":"mixed","last_action":{"date":"2026-07-31","text":"CFTC settlement order announced."},"next_action":{"date":null,"text":null},"timeline":[{"date":"2026-07-31","text":"Settlement order announced."}],"sources":[{"label":"CFTC press release 9276-26 (Santos order)","url":"https://www.cftc.gov/PressRoom/PressReleases/9276-26","primary":true},{"label":"Timeline: RotoWire prediction-markets legal timeline","url":"https://www.rotowire.com/prediction-markets/legal-timeline","primary":false}],"confidence":"high","verified_through":"2026-07-31"},{"id":"us-v-minnesota","title":"United States v. Minnesota","short":"CFTC v. Minnesota (prediction-market ban)","court":"U.S. District Court for the District of Minnesota","docket":"26-cv-02661 (D. Minn.)","jurisdiction":"federal","kind":"preemption","companies":["Kalshi","Polymarket"],"opposing":"State of Minnesota and state officials (plaintiffs: United States and CFTC)","state":"MN","filed":"2026-05-19","status":"PI blocks Minnesota's ban","status_detail":"Filed the day after Minnesota enacted a law making it a felony to operate or promote a prediction market (effective Aug. 1, 2026). On July 27, 2026 the court preliminarily enjoined enforcement, finding the challengers likely to succeed on preemption; secondary sources identify Judge Katherine Menendez and report parallel challenges by Kalshi and Polymarket. Minnesota's law was reported as the first state statute specifically banning prediction markets.","favors":"industry","last_action":{"date":"2026-07-27","text":"Preliminary injunction against enforcement of Minnesota's prediction-market ban."},"next_action":{"date":null,"text":"Further district-court proceedings; no public report of the outcome of the Oct. 13, 2026 pretrial conference was found."},"timeline":[{"date":"2026-05-19","text":"CFTC filed suit."},{"date":"2026-07-27","text":"Preliminary injunction entered."}],"sources":[{"label":"CFTC press release 9233-26 (suit vs. Minnesota)","url":"https://www.cftc.gov/PressRoom/PressReleases/9233-26","primary":true},{"label":"Cert petition (PDF), No. 26-299","url":"https://www.supremecourt.gov/DocketPDF/26/26-299/422751/20260902102245623_26-_PetitionForWritOfCertiorari.pdf","primary":true},{"label":"Cert petition (PDF), No. 26-338","url":"https://www.supremecourt.gov/DocketPDF/26/26-338/423750/20260910115039631_Robinhood%20Pet%20for%20Cert.pdf","primary":true},{"label":"Timeline: RotoWire prediction-markets legal timeline","url":"https://www.rotowire.com/prediction-markets/legal-timeline","primary":false},{"label":"Tracker: Mick Bransfield prediction-market litigation tracker","url":"https://mickbransfield.com/2025/08/11/summary-of-legal-actions-involving-kalshis-sports-event-contracts/","primary":false}],"confidence":"medium","verified_through":"2026-10-15"},{"id":"nevada-v-kalshi-state","title":"State of Nevada ex rel. Nevada Gaming Control Board v. KalshiEX, LLC","short":"Nevada v. Kalshi (state court)","court":"First Judicial District Court, Carson City, Nevada; Supreme Court of Nevada","docket":"26 OC 00050 1B (Carson City Dist. Ct.); 92771 (Nev.); removal 2:26-cv-00406 (D. Nev., remanded)","jurisdiction":"state","kind":"enforcement","companies":["Kalshi"],"opposing":"Nevada Gaming Control Board","state":"NV","filed":"2026-02-17","status":"Preliminary injunction in effect; appeal pending","status_detail":"Judge Jason Woodbury enjoined Kalshi from offering sports, election and entertainment contracts to people in Nevada without a gaming license, and the Nevada Supreme Court declined to stay the injunction pending Kalshi's appeal. After the Board sought contempt over geofencing gaps, Kalshi stipulated in late July 2026 to deploy multi-source geofencing by Aug. 12, 2026 or face $120,000-per-day penalties (secondary).","favors":"states","last_action":{"date":"2026-07-23","text":"Contempt dispute resolved by stipulation (filed July 23, 2026) requiring third-party geofencing by Aug. 12, 2026 or $120,000-per-day penalties."},"next_action":{"date":null,"text":"Nevada Supreme Court appeal of the preliminary injunction (No. 92771) pending."},"timeline":[{"date":"2026-02-17","text":"Board filed civil enforcement action; Kalshi removed it to federal court the same day."},{"date":"2026-03-02","text":"D. Nev. (Judge Miranda Du) remanded the case to state court."},{"date":"2026-03-20","text":"State court entered a temporary restraining order."},{"date":"2026-04-03","text":"Judge Woodbury announced he would grant a preliminary injunction."},{"date":"2026-04-28","text":"Written preliminary injunction entered (as cited in New Jersey's cert petition)."},{"date":"2026-07-01","text":"Nevada Supreme Court denied Kalshi's emergency motion for a stay pending appeal (date per secondary reporting)."},{"date":"2026-07-23","text":"Contempt dispute resolved by stipulation filed July 23: third-party geofencing by Aug. 12 or $120,000 a day."}],"sources":[{"label":"Nevada Gaming Control Board release (PDF)","url":"https://www.gaming.nv.gov/siteassets/content/about/press-release/nevada-gaming-control-board-shuts-down-kalshis-sports-prediction-market-business-in-nevada.pdf","primary":true},{"label":"Nevada Supreme Court order denying stay, No. 92771","url":"https://acis-api.nvcourts.gov/courts/dc01122c-a19d-4eb7-bfe9-5b96e93c26fd/cms/case/faebacf5-d6cc-4c88-8662-df54f6789f5a/docketentrydocuments/2b15462f-725e-493c-b4d5-fd9b2e89f413","primary":true},{"label":"D. Nev. remand order (CaseMine)","url":"https://www.casemine.com/judgement/us/69aa860370425757db06a238","primary":true},{"label":"Cert petition (PDF), No. 26-299","url":"https://www.supremecourt.gov/DocketPDF/26/26-299/422751/20260902102245623_26-_PetitionForWritOfCertiorari.pdf","primary":true},{"label":"News: The Nevada Independent","url":"https://thenevadaindependent.com/article/kalshi-loses-appeal-nevada-judge-keeps-the-company-on-the-sidelines","primary":false},{"label":"News: ReadWrite (Nevada Supreme Court stay denial)","url":"https://readwrite.com/nevada-supreme-court-kalshi-injunction/","primary":false},{"label":"News: SBC Americas (Nevada stipulation)","url":"https://sbcamericas.com/2026/07/28/kalshi-shuts-down-nevada/","primary":false}],"confidence":"high","verified_through":"2026-09-30"},{"id":"us-v-new-mexico","title":"United States v. New Mexico","short":"CFTC v. New Mexico","court":"U.S. District Court for the District of New Mexico","docket":"26-cv-01912 (D.N.M.); related: New Mexico v. KalshiEX (1st Jud. Dist. Ct. No. D-101-CV-2026-1567; removed, D.N.M. No. 26-cv-01857); QCX v. Torrez (26-cv-02100); Ludlow Exch. v. Torrez (26-cv-02576)","jurisdiction":"federal","kind":"preemption","companies":["Kalshi","Polymarket","Novig"],"opposing":"State of New Mexico and Attorney General Raúl Torrez (plaintiffs: United States and CFTC)","state":"NM","filed":"2026-06-12","status":"Pending","status_detail":"The CFTC sued a week after New Mexico's AG filed a state-court suit seeking to halt Kalshi's operations as unlawful online sports betting; that suit has since been removed to federal court. Polymarket (QCX) and Novig (Ludlow Exchange) filed their own federal challenges, and Underdog sued in September. No merits ruling located.","favors":"pending","last_action":{"date":"2026-06-12","text":"CFTC filed suit."},"next_action":{"date":null,"text":null},"timeline":[{"date":"2026-06-12","text":"CFTC filed suit."}],"sources":[{"label":"CFTC press release 9251-26 (suit vs. New Mexico)","url":"https://www.cftc.gov/PressRoom/PressReleases/9251-26","primary":true},{"label":"Cert petition (PDF), No. 26-299","url":"https://www.supremecourt.gov/DocketPDF/26/26-299/422751/20260902102245623_26-_PetitionForWritOfCertiorari.pdf","primary":true},{"label":"Cert petition (PDF), No. 26-338","url":"https://www.supremecourt.gov/DocketPDF/26/26-338/423750/20260910115039631_Robinhood%20Pet%20for%20Cert.pdf","primary":true},{"label":"News: SBC Americas (CFTC sues New Mexico)","url":"https://sbcamericas.com/2026/06/12/cftc-new-mexico-prediction-markets/","primary":false}],"confidence":"medium","verified_through":"2026-09-02"},{"id":"mazza-v-robinhood","title":"Mazza v. Robinhood Markets, Inc.","short":"Robinhood consumer class action","court":"U.S. District Court for the Northern District of California","docket":"3:26-cv-05610 (N.D. Cal.)","jurisdiction":"federal","kind":"class action","companies":["Robinhood"],"opposing":"Putative class of Robinhood customers who lost money on sports event contracts","state":null,"filed":"2026-06-10","status":"Pending","status_detail":"A proposed class of customers who lost money on Robinhood's sports event contracts alleges the products are unlicensed sports betting and asserts claims under California's Business and Professions Code and Georgia's Fair Business Practices Act. No rulings located.","favors":"pending","last_action":{"date":"2026-06-10","text":"Complaint filed."},"next_action":{"date":null,"text":null},"timeline":[{"date":"2026-06-10","text":"Complaint filed."}],"sources":[{"label":"N.D. Cal. docket (CourtListener)","url":"https://www.courtlistener.com/docket/73468072/mazza-v-robinhood-markets-inc/","primary":true},{"label":"News: ClassAction.org (Mazza v. Robinhood)","url":"https://www.classaction.org/news/class-action-lawsuit-claims-robinhood-runs-illegal-sports-gambling-platform","primary":false},{"label":"News: Hoodline (Robinhood suit)","url":"https://hoodline.com/2026/06/san-jose-lawsuit-claims-robinhood-turned-trading-app-into-secret-sportsbook/","primary":false}],"confidence":"medium","verified_through":"2026-07-17"},{"id":"nevada-v-polymarket-state","title":"Nevada Gaming Control Board v. Blockratize, Inc. et al. (Polymarket)","short":"Nevada v. Polymarket","court":"First Judicial District Court, Carson City, Nevada","docket":"26 OC 00012 1B (Carson City Dist. Ct.); removal 3:26-cv-00089 (D. Nev., remanded)","jurisdiction":"state","kind":"enforcement","companies":["Polymarket"],"opposing":"Nevada Gaming Control Board","state":"NV","filed":"2026-01-16","status":"Preliminary injunction in effect","status_detail":"The Board sued Polymarket's parent Blockratize, its U.S. exchange QCX LLC (d/b/a Polymarket US) and Adventure One QSS, alleging unlicensed wagering. Judge Jason Woodbury issued a 14-day TRO on Jan. 29, 2026 and, after removal to and remand from federal court, granted a preliminary injunction from the bench on May 29, 2026 (written order June 3) barring Polymarket from offering event contracts to Nevada residents.","favors":"states","last_action":{"date":"2026-06-03","text":"Written preliminary injunction entered (as cited in New Jersey's cert petition)."},"next_action":{"date":null,"text":null},"timeline":[{"date":"2026-01-16","text":"Complaint filed."},{"date":"2026-01-29","text":"14-day temporary restraining order entered."},{"date":"2026-05-29","text":"Judge Woodbury granted a preliminary injunction from the bench (secondary)."},{"date":"2026-06-03","text":"Written preliminary injunction entered."}],"sources":[{"label":"Cert petition (PDF), No. 26-299","url":"https://www.supremecourt.gov/DocketPDF/26/26-299/422751/20260902102245623_26-_PetitionForWritOfCertiorari.pdf","primary":true},{"label":"News: SBC Americas (Nevada sues Polymarket)","url":"https://sbcamericas.com/2026/01/20/nevada-regulator-sues-polymarket-sports/","primary":false},{"label":"News: SBC Americas (Polymarket TRO)","url":"https://sbcamericas.com/2026/02/02/nevada-judge-initial-ban-polymarket/","primary":false},{"label":"News: Hoodline (Polymarket PI)","url":"https://hoodline.com/2026/06/carson-city-judge-slams-door-on-polymarket-in-nevada-gambling-fight/","primary":false},{"label":"News: KTNV (Polymarket PI)","url":"https://www.ktnv.com/news/nevada-judge-issues-preliminary-injunction-against-polymarket","primary":false},{"label":"Tracker: Mick Bransfield prediction-market litigation tracker","url":"https://mickbransfield.com/2025/08/11/summary-of-legal-actions-involving-kalshis-sports-event-contracts/","primary":false}],"confidence":"medium","verified_through":"2026-09-30"},{"id":"kalshi-v-rhode-island","title":"KalshiEX LLC v. Furcolo","short":"Kalshi v. Rhode Island","court":"U.S. District Court for the District of Rhode Island","docket":"26-cv-00327 (D.R.I.); related: Rhode Island v. KalshiEX (R.I. Super. Ct. No. PC-2026-2753)","jurisdiction":"federal","kind":"preemption","companies":["Kalshi","Polymarket"],"opposing":"Rhode Island officials (Furcolo et al.) and the Rhode Island Attorney General","state":"RI","filed":"2026-05","status":"Pending; CFTC intervened","status_detail":"Kalshi sued Rhode Island officials, and the state Attorney General filed a parallel state-court complaint seeking civil penalties and disgorgement from prediction-market operators (Kalshi and Polymarket, per secondary sources). Rather than filing a separate suit, the CFTC moved on May 28, 2026 to intervene in Kalshi's federal case. No ruling located.","favors":"pending","last_action":{"date":"2026-05-28","text":"CFTC moved to intervene in Kalshi's federal suit."},"next_action":{"date":null,"text":null},"timeline":[{"date":"2026-05-28","text":"CFTC intervention motion announced."}],"sources":[{"label":"CFTC press release 9238-26 (Rhode Island)","url":"https://www.cftc.gov/PressRoom/PressReleases/9238-26","primary":true},{"label":"Cert petition (PDF), No. 26-338","url":"https://www.supremecourt.gov/DocketPDF/26/26-338/423750/20260910115039631_Robinhood%20Pet%20for%20Cert.pdf","primary":true},{"label":"Cert petition (PDF), No. 26-299","url":"https://www.supremecourt.gov/DocketPDF/26/26-299/422751/20260902102245623_26-_PetitionForWritOfCertiorari.pdf","primary":true},{"label":"News: XCLSV Kalshi lawsuit tracker","url":"https://xclsvmedia.com/kalshi-lawsuit-tracker-2026-states-suing-prediction-markets/","primary":false},{"label":"Tracker: Mick Bransfield prediction-market litigation tracker","url":"https://mickbransfield.com/2025/08/11/summary-of-legal-actions-involving-kalshis-sports-event-contracts/","primary":false}],"confidence":"medium","verified_through":"2026-09-02"},{"id":"cftc-v-spagnuolo","title":"Commodity Futures Trading Commission v. Spagnuolo","short":"CFTC v. Spagnuolo (alleged insider trading on Polymarket)","court":"U.S. District Court for the Southern District of New York","docket":"26-cv-04419 (S.D.N.Y.)","jurisdiction":"federal","kind":"enforcement","companies":["Polymarket"],"opposing":"CFTC v. Michele Spagnuolo (parallel S.D.N.Y. criminal action per CFTC)","state":null,"filed":"2026-05-27","status":"Charged — pending","status_detail":"The CFTC alleges a Google software engineer misappropriated confidential 2025 'Year in Search' results to trade more than 20 Polymarket contracts with near-perfect accuracy, making about $1.2 million. The CFTC said the S.D.N.Y. U.S. Attorney's Office brought parallel criminal charges. Later proceedings not verified.","favors":"pending","last_action":{"date":"2026-05-27","text":"CFTC complaint filed."},"next_action":{"date":null,"text":null},"timeline":[{"date":"2026-05-27","text":"CFTC complaint filed; parallel criminal action announced."}],"sources":[{"label":"CFTC press release 9237-26 (Spagnuolo charges)","url":"https://www.cftc.gov/PressRoom/PressReleases/9237-26","primary":true},{"label":"CFTC complaint vs. Spagnuolo (PDF)","url":"https://www.cftc.gov/media/14046/ENF_SpagnuoloComplaint052726/download","primary":true}],"confidence":"high","verified_through":"2026-05-27"},{"id":"new-mexico-tribes-v-kalshi","title":"Mescalero Apache Tribe, Pueblo of Isleta, Pueblo of Pojoaque and Pueblo of Sandia v. Kalshi (exact caption not verified)","short":"New Mexico tribes v. Kalshi","court":"Federal district court in New Mexico (reported; not verified)","docket":null,"jurisdiction":"federal","kind":"tribal","companies":["Kalshi"],"opposing":"Mescalero Apache Tribe; Pueblos of Isleta, Pojoaque and Sandia","state":null,"filed":"2026-05-12","status":"Pending","status_detail":"Four New Mexico tribes allege Kalshi's sports contracts are unauthorized class III gaming on their lands in violation of IGRA and their compacts, also citing UIGEA and Kalshi's 18+ age limit versus the compacts' 21+ rule. The Ninth Circuit's Blue Lake ruling is persuasive but not binding authority in this Tenth Circuit case. No rulings located; details from secondary sources.","favors":"pending","last_action":{"date":"2026-05-12","text":"Complaint filed."},"next_action":{"date":null,"text":null},"timeline":[{"date":"2026-05-12","text":"Complaint filed."}],"sources":[{"label":"News: Source NM (pueblos sue Kalshi)","url":"https://sourcenm.com/2026/05/13/new-mexico-pueblos-sue-kalshi-alleging-prediction-market-violates-tribal-gaming-sovereignty/","primary":false},{"label":"News: KVIA (Mescalero Apache joins suit)","url":"https://kvia.com/news/top-stories/2026/05/14/mescalero-apache-joins-new-mexico-tribes-in-filing-federal-lawsuit-against-sports-betting-company/","primary":false},{"label":"News: SBC Americas (Washington remand; NM tribes)","url":"https://sbcamericas.com/2026/05/19/kalshi-new-lawsuits-appeal-washington/","primary":false}],"confidence":"medium","verified_through":"2026-09-30"},{"id":"arizona-v-kalshi-criminal","title":"State of Arizona v. KalshiEX LLC and Kalshi Trading LLC","short":"Arizona criminal case v. Kalshi","court":"Maricopa County Superior Court, Arizona (per secondary reporting)","docket":null,"jurisdiction":"state","kind":"criminal","companies":["Kalshi"],"opposing":"Arizona Attorney General Kris Mayes","state":"AZ","filed":"2026-03-17","status":"Halted by federal injunction","status_detail":"Arizona became the first state to criminally charge a prediction-market operator, filing a 20-count misdemeanor information alleging an unlicensed wagering business and illegal election wagering, including on Arizona races. The prosecution has been halted since April 2026 by federal orders obtained by the CFTC; the AG is seeking to revive it after the Ninth Circuit's Assad decision.","favors":"industry","last_action":{"date":"2026-05-05","text":"Federal preliminary injunction barred Arizona from pursuing the prosecution."},"next_action":{"date":null,"text":"Outcome of Arizona's bid to dissolve the federal injunction."},"timeline":[{"date":"2026-03-17","text":"AG filed 20 misdemeanor counts against KalshiEX LLC and Kalshi Trading LLC."},{"date":"2026-04-10","text":"Federal TRO blocked the prosecution."},{"date":"2026-05-05","text":"Federal preliminary injunction entered."}],"sources":[{"label":"Arizona AG press release (charges)","url":"https://www.azag.gov/press-release/attorney-general-mayes-charges-kalshi-illegal-gambling-operation-election-wagering","primary":true},{"label":"CFTC press release 9211-26 (Arizona TRO)","url":"https://www.cftc.gov/PressRoom/PressReleases/9211-26","primary":true},{"label":"News: Arizona Mirror (charges filed)","url":"https://azmirror.com/2026/03/17/in-unprecedented-move-arizona-files-criminal-charges-against-prediction-market-company-kalshi/","primary":false},{"label":"News: Arizona Mirror (Mayes seeks to revive case)","url":"https://azmirror.com/2026/09/25/after-9th-circuit-ruling-mayes-pushes-to-revive-her-gambling-case-against-kalshi/","primary":false}],"confidence":"medium","verified_through":"2026-09-25"},{"id":"massachusetts-v-kalshi","title":"Commonwealth of Massachusetts v. KalshiEX LLC","short":"Massachusetts AG v. Kalshi","court":"Massachusetts Supreme Judicial Court; Suffolk County Superior Court","docket":"SJC-13906 (Mass.); 2584CV02525 (Suffolk Super. Ct.)","jurisdiction":"state","kind":"enforcement","companies":["Kalshi"],"opposing":"Massachusetts Attorney General Andrea Joy Campbell","state":"MA","filed":"2025-09","status":"PI granted (stayed); SJC decision pending","status_detail":"The Superior Court allowed the AG's motion for a preliminary injunction barring Kalshi's sports contracts in Massachusetts on Jan. 20, 2026, but the injunction was stayed pending appeal. The Supreme Judicial Court heard argument May 4, 2026, with the CFTC and a multistate group of attorneys general filing amicus briefs on opposite sides, and had not ruled as of Sept. 30, 2026 (secondary).","favors":"states","last_action":{"date":"2026-05-04","text":"SJC heard oral argument."},"next_action":{"date":null,"text":"SJC decision."},"timeline":[{"date":"2026-01-20","text":"Superior Court allowed the AG's preliminary-injunction motion."},{"date":"2026-04-24","text":"CFTC filed an amicus brief supporting Kalshi."},{"date":"2026-05-04","text":"SJC oral argument."}],"sources":[{"label":"Massachusetts AG press release (PI)","url":"https://www.mass.gov/news/ag-campbell-secures-court-order-that-will-block-kalshi-from-offering-unlawful-sports-wagers-in-massachusetts","primary":true},{"label":"Cert petition (PDF), No. 26-299","url":"https://www.supremecourt.gov/DocketPDF/26/26-299/422751/20260902102245623_26-_PetitionForWritOfCertiorari.pdf","primary":true},{"label":"CFTC amicus brief, SJC-13906 (PDF)","url":"https://www.cftc.gov/media/13771/ENFAmicusMassachusettsReview042426/download","primary":true},{"label":"CFTC press release 9219-26 (Mass. SJC filing)","url":"https://www.cftc.gov/PressRoom/PressReleases/9219-26","primary":true},{"label":"Multistate amicus brief, SJC (PDF, NY AG)","url":"https://ag.ny.gov/sites/default/files/amicus-curiae/massachusetts-v-kalshiex-llc-amicus-brief-2026.pdf","primary":true},{"label":"News: InGame (SJC argument)","url":"https://www.ingame.com/kalshi-massachusetts-supreme-court-questions/","primary":false},{"label":"Tracker: Mick Bransfield prediction-market litigation tracker","url":"https://mickbransfield.com/2025/08/11/summary-of-legal-actions-involving-kalshis-sports-event-contracts/","primary":false}],"confidence":"high","verified_through":"2026-09-30"},{"id":"new-york-v-coinbase-gemini","title":"People of the State of New York v. Coinbase Financial Markets, Inc.; People of the State of New York v. Gemini Titan, LLC","short":"New York AG v. Coinbase & Gemini","court":"Supreme Court of the State of New York, New York County (removed to U.S. District Court for the Southern District of New York)","docket":"Index Nos. 451604/2026 and 451603/2026 (N.Y. Sup. Ct.); 1:26-cv-03300 and 1:26-cv-03318 (S.D.N.Y.) (dockets per secondary tracker)","jurisdiction":"federal","kind":"enforcement","companies":["Coinbase","Gemini"],"opposing":"New York Attorney General Letitia James","state":"NY","filed":"2026-04-21","status":"Removed to federal court; pending","status_detail":"The AG sued Coinbase and Gemini on Apr. 21, 2026, alleging their prediction-market products are illegal gambling. Both cases were removed to federal court and reportedly assigned to Judge Lorna Schofield, who also presides over the CFTC's suit against New York. Details are from secondary sources.","favors":"pending","last_action":{"date":"2026-04-22","text":"Gemini case removed to S.D.N.Y. (Coinbase case removed Apr. 21) (secondary)."},"next_action":{"date":null,"text":null},"timeline":[{"date":"2026-04-21","text":"AG filed both suits; Coinbase case removed."},{"date":"2026-04-22","text":"Gemini case removed."}],"sources":[{"label":"Timeline: RotoWire prediction-markets legal timeline","url":"https://www.rotowire.com/prediction-markets/legal-timeline","primary":false},{"label":"Tracker: Mick Bransfield prediction-market litigation tracker","url":"https://mickbransfield.com/2025/08/11/summary-of-legal-actions-involving-kalshis-sports-event-contracts/","primary":false},{"label":"CFTC press release 9218-26 (suit vs. New York)","url":"https://www.cftc.gov/PressRoom/PressReleases/9218-26","primary":true}],"confidence":"medium","verified_through":"2026-09-30"},{"id":"nevada-v-coinbase-state","title":"State of Nevada v. Coinbase (Nevada Gaming Control Board enforcement action)","short":"Nevada v. Coinbase","court":"First Judicial District Court, Carson City, Nevada","docket":"26 OC 00030 1B (Carson City Dist. Ct.)","jurisdiction":"state","kind":"enforcement","companies":["Coinbase"],"opposing":"Nevada Gaming Control Board","state":"NV","filed":"2026-02-02","status":"Preliminary injunction in effect","status_detail":"Nevada obtained a preliminary injunction on Mar. 26, 2026 barring Coinbase's prediction-market offering in the state (a TRO had issued Feb. 5, per a secondary tracker). Coinbase separately sued Nevada regulators in federal court (Coinbase Financial Markets, Inc. v. Ford, D. Nev. No. 2:26-cv-00256, per the same tracker). Details other than the PI date come from secondary sources.","favors":"states","last_action":{"date":"2026-03-26","text":"Preliminary injunction entered (as cited in New Jersey's cert petition)."},"next_action":{"date":null,"text":null},"timeline":[{"date":"2026-02-02","text":"Board filed suit (secondary)."},{"date":"2026-02-05","text":"Temporary restraining order (secondary)."},{"date":"2026-03-26","text":"Preliminary injunction entered."}],"sources":[{"label":"Cert petition (PDF), No. 26-299","url":"https://www.supremecourt.gov/DocketPDF/26/26-299/422751/20260902102245623_26-_PetitionForWritOfCertiorari.pdf","primary":true},{"label":"Tracker: Mick Bransfield prediction-market litigation tracker","url":"https://mickbransfield.com/2025/08/11/summary-of-legal-actions-involving-kalshis-sports-event-contracts/","primary":false}],"confidence":"medium","verified_through":"2026-09-30"},{"id":"in-re-kalshi-sports-class-action","title":"In re Kalshi Sports Prediction Market Litigation","short":"Kalshi consumer class action (illegal sportsbook)","court":"U.S. District Court for the Southern District of New York","docket":"1:25-cv-08585-JLR (lead; consolidated with 1:25-cv-09913 and 1:26-cv-00317)","jurisdiction":"federal","kind":"class action","companies":["Kalshi"],"opposing":"Putative nationwide class of Kalshi users (Yee, Pelayo and Hallman plaintiffs)","state":null,"filed":"2025-10-16","status":"Pending — consolidated","status_detail":"Consumers allege Kalshi operates an unlawful sports-gambling platform posing as a prediction market, asserting state gambling, consumer-protection and unjust-enrichment claims for a nationwide class and state subclasses. Three actions were consolidated before Judge Jennifer L. Rochon under a February 2026 stipulation setting deadlines for a consolidated complaint and a motion to compel arbitration. No ruling on arbitration or the merits located.","favors":"pending","last_action":{"date":"2026-02-09","text":"Stipulation to consolidate filed, setting consolidated complaint (Mar. 24) and arbitration-motion (Apr. 21) deadlines."},"next_action":{"date":null,"text":null},"timeline":[{"date":"2025-10-16","text":"Yee v. KalshiEX filed (lead case)."},{"date":"2025-11-26","text":"Seven-plaintiff nationwide class action filed (Pelayo; later consolidated)."},{"date":"2026-02-09","text":"Consolidation stipulation filed."}],"sources":[{"label":"S.D.N.Y. docket (CourtListener)","url":"https://www.courtlistener.com/docket/71671503/in-re-kalshi-sports-prediction-market-litigation/","primary":true},{"label":"Stipulation to consolidate (PDF, CourtListener)","url":"https://storage.courtlistener.com/recap/gov.uscourts.nysd.651290/gov.uscourts.nysd.651290.36.0.pdf","primary":true},{"label":"News: Front Office Sports (nationwide class action)","url":"https://frontofficesports.com/article/kalshi-hit-with-nationwide-class-action-over-illegal-sports-betting/","primary":false},{"label":"Law firm page: Lieff Cabraser (Kalshi litigation)","url":"https://www.lieffcabraser.com/consumer/kalshi/","primary":false}],"confidence":"medium","verified_through":"2026-02-09"},{"id":"kalshiex-v-cftc","title":"KalshiEX LLC v. Commodity Futures Trading Commission","short":"Kalshi v. CFTC (election contracts)","court":"U.S. District Court for the District of Columbia; U.S. Court of Appeals for the D.C. Circuit","docket":"1:23-cv-03257-JMC (D.D.C.); 24-5205 (D.C. Cir.)","jurisdiction":"federal","kind":"regulatory challenge","companies":["Kalshi"],"opposing":"Commodity Futures Trading Commission","state":null,"filed":"2023-11","status":"Kalshi won; CFTC appeal abandoned","status_detail":"Judge Jia M. Cobb vacated the CFTC's 2023 order blocking Kalshi's congressional-control contracts, holding they do not involve 'gaming' or unlawful activity under the CEA's special rule for event contracts. The D.C. Circuit refused to stay that ruling on Oct. 2, 2024, letting Kalshi list election contracts; the CFTC's appeal was later abandoned under the Trump-era Commission (secondary reporting; dismissal date not verified). The stay denial let Kalshi list congressional-control contracts ahead of the 2024 election.","favors":"industry","last_action":{"date":null,"text":"CFTC abandoned its D.C. Circuit appeal under new Commission leadership (secondary reporting; exact dismissal date not verified, believed 2025)"},"next_action":{"date":null,"text":null},"timeline":[{"date":"2023-09-22","text":"CFTC disapproved Kalshi's congressional control contracts."},{"date":"2024-09-12","text":"District court memorandum opinion granting Kalshi summary judgment and vacating the CFTC order."},{"date":"2024-09-12","text":"CFTC appeal docketed in D.C. Circuit; court entered an administrative stay."},{"date":"2024-10-02","text":"D.C. Circuit (Millett, Pillard, Pan, JJ.) denied the CFTC's motion for a stay pending appeal."},{"date":"2024-10-16","text":"CFTC filed its opening brief (last docket-verified appellate event)."}],"sources":[{"label":"D.D.C. memorandum opinion (PDF, GovInfo)","url":"https://www.govinfo.gov/content/pkg/USCOURTS-dcd-1_23-cv-03257/pdf/USCOURTS-dcd-1_23-cv-03257-0.pdf","primary":true},{"label":"D.D.C. case page (GovInfo)","url":"https://www.govinfo.gov/app/details/USCOURTS-dcd-1_23-cv-03257","primary":true},{"label":"D.C. Circuit docket No. 24-5205 (Justia)","url":"https://dockets.justia.com/docket/circuit-courts/cadc/24-5205","primary":true},{"label":"CFTC press release 8780-23 (disapproval of contracts)","url":"https://www.cftc.gov/PressRoom/PressReleases/8780-23","primary":true},{"label":"News: Next Event Horizon (CFTC suits; prior Kalshi appeal abandoned)","url":"https://nexteventhorizon.substack.com/p/doj-cftc-sue-illinois-over-prediction","primary":false}],"confidence":"medium","verified_through":"2026-04-02"}],"federal":[{"id":"cftc-event-contract-swap-nprm","date":"2026-10-09","body":"CFTC","title":"CFTC proposes defining event contracts as 'swaps'","summary":"Proposed rule 'Further Definition of Swap to Include Event Contracts' would add a paragraph to the swap definition in 17 CFR 1.3 expressly covering 'event contracts, including those based on sports, politics, cultural, and weather-related events.' Comments are due 30 days after Federal Register publication. Courts interpreting the CEA are not necessarily bound by the definition; Kalshi cited it the same day in its Sixth Circuit rehearing petition.","status":"Proposed (30-day comment period after FR publication)","ref":"CFTC Release 9310-26; RIN 3038-AF82","sources":[{"label":"Sports Betting Dime: CFTC publishes NPRM on sports event contracts as swaps","url":"https://www.sportsbettingdime.com/news/industry/cftc-publishes-notice-of-public-rulemaking-proposing-sports-event-contracts-be-included-in-swap-definition/","primary":false},{"label":"Unchained: CFTC writes prediction markets into swap rules","url":"https://unchainedcrypto.com/cftc-writes-prediction-markets-into-swap-rules-and-carves-sportsbooks-out","primary":false},{"label":"Straight to the Point: PM Corner on the CFTC's new rules","url":"https://straighttothepoint.substack.com/p/pm-corner-the-cftcs-new-rules-and","primary":false},{"label":"CoinDesk: Everyone wants SCOTUS to take up prediction markets","url":"https://www.coindesk.com/policy/2026/10/11/everyone-wants-scotus-to-take-up-prediction-markets-state-of-crypto","primary":false}],"confidence":"medium"},{"id":"doj-van-dyke-swaps-letter","date":"2026-09-30","body":"DOJ","title":"DOJ tells court Polymarket event contracts are swaps","summary":"In the Van Dyke insider-trading prosecution, SDNY prosecutors argued in a letter to Judge Margaret Garnett that binary event contracts on a Venezuela military operation are 'swaps' because they could hedge financial consequences. Judge Garnett heard argument on the motion to dismiss on Oct. 7, 2026 and took it under advisement.","status":"Pending","ref":"U.S. v. Van Dyke (S.D.N.Y.)","sources":[{"label":"Casino.org: DOJ says binary event contracts are swaps","url":"https://www.casino.org/news/justice-department-says-binary-event-contracts-are-swaps/","primary":false},{"label":"Washington Examiner: judge weighs bid to dismiss","url":"https://www.washingtonexaminer.com/news/justice/4757977/judge-weighs-bid-dismiss-polymarket-maduro-raid-case/","primary":false}],"confidence":"medium"},{"id":"congress-comer-probe-expanded","date":"2026-09-29","body":"Congress","title":"House Oversight widens insider-trading probe","summary":"Chairman James Comer sent records demands to Crypto.com, Hyperliquid and PredictIt on identity checks, insider-trading detection and trading by government officials. His May inquiry into Kalshi and Polymarket had already produced nearly 1,000 documents.","status":"Ongoing investigation","ref":null,"sources":[{"label":"CNBC: Comer widens House probe","url":"https://www.cnbc.com/2026/09/29/comer-house-prediction-market-insider-trading.html","primary":false},{"label":"Traders Union: House Oversight broadens probe","url":"https://tradersunion.com/news/cryptocurrency-news/show/3571247-congress-prediction-market-crypto-probe/","primary":false}],"confidence":"high"},{"id":"cftc-swap-definition-rules-to-oira","date":"2026-09-28","body":"CFTC","title":"CFTC sends two 'swap' definition rules to White House review","summary":"OIRA received a proposed rule, 'Further Definition of Swap to Include Event Contracts,' and an interim final rule, 'Further Definition of Swap to Exclude Casino-Style Gambling Products.' The interim final rule would take effect on publication without prior notice and comment. Neither text was public as of Oct 1, 2026. Both were issued on Oct. 9, 2026 (see separate entries).","status":"Completed (issued Oct 9, 2026)","ref":"RIN 3038-AF82 (proposed); RIN 3038-AF81 (interim final)","sources":[{"label":"crypto.news: CFTC has sent prediction market rules to the White House","url":"https://crypto.news/the-cftc-has-sent-prediction-market-rules-to-the-white-house-states-are-still-in-court/","primary":false},{"label":"American Banker: CFTC files two swap definition change rules to White House","url":"https://www.americanbanker.com/news/cftc-files-two-swap-definition-change-rules-to-white-house","primary":false},{"label":"The Block: White House weighs new CFTC event contract rules","url":"https://www.theblock.co/news/regulation/2026-09-30-white-house-weighs-new-cftc-event-contract-rules-in-growing-prediction-market-power-struggle-417345","primary":false},{"label":"Bloomberg: CFTC tees up new prediction market rules for White House review","url":"https://www.bloomberg.com/news/articles/2026-09-30/cftc-tees-up-new-prediction-market-rules-for-white-house-review","primary":false}],"confidence":"medium"},{"id":"cftc-mention-markets-advisory","date":"2026-09-22","body":"CFTC","title":"Staff advisory on 'mention' markets","summary":"The Division of Market Oversight set out conditions for listing contracts on whether a person will say a word, attend an event or interact with someone. Staff said these contracts carry elevated manipulation risk and need contract-specific analysis under Core Principle 3.","status":"Issued","ref":"CFTC Staff Letter 26-27; Release 9302-26","sources":[{"label":"CFTC Release 9302-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9302-26","primary":true}],"confidence":"high"},{"id":"cftc-tribal-roundtable","date":"2026-09-15","body":"CFTC","title":"Chairman Selig meets tribal gaming organizations","summary":"Chairman Selig held a closed-door roundtable with tribal gaming groups. Tribal leaders maintained that sports event contracts function as betting and undermine gaming compacts.","status":"Held","ref":null,"sources":[{"label":"Indian Gaming: OIGA chairman moderates roundtable with CFTC","url":"https://www.indiangaming.com/oiga-chairman-matthew-l-morgan-moderates-roundtable-with-cftc/","primary":false},{"label":"CDC Gaming: Tribes' closed-door meeting with CFTC","url":"https://cdcgaming.com/tribes-closed-door-meeting-with-cftc-leads-to-frustration-not-solutions-to-event-contracts/","primary":false},{"label":"SportsBettingDime: Tribal groups meet with CFTC","url":"https://www.sportsbettingdime.com/news/industry/tribal-groups-meet-with-cftc-and-maintain-sports-event-contracts-function-as-betting/","primary":false},{"label":"Covers prediction markets timeline","url":"https://www.covers.com/betting/prediction-sites/guides/prediction-markets-timeline","primary":false}],"confidence":"medium"},{"id":"congress-clarity-cloture-fails","date":"2026-09-15","body":"Congress","title":"Senate cloture vote on CLARITY Act fails, 49-50","summary":"The crypto market-structure bill (H.R. 3633), which would have set uniform federal rules and preemption for prediction markets, fell short of 60 votes. Commercial and tribal gaming groups had sought language barring sports contracts on CFTC platforms.","status":"Cloture failed","ref":"H.R. 3633","sources":[{"label":"AGA-IGA joint letter (Jan 12, 2026)","url":"https://www.americangaming.org/joint-aga-iga-letter-addressing-unregulated-sports-event-contracts/","primary":true},{"label":"Prediction News: CLARITY cloture fails","url":"https://predictionnews.com/story/senate-cloture-vote-on-clarity-act-fails-dealing-defeat-to-prediction-markets","primary":false},{"label":"Paul Hastings crypto policy tracker","url":"https://www.paulhastings.com/insights/crypto-policy-tracker/clarity-act-fails-senate-vote-sec-issues-tokenized-stock-innovation-exemption-cftc-issues-no-action-relief-for-passive-software-providers-prediction-markets-litigation-advances","primary":false}],"confidence":"high"},{"id":"cftc-perez-mention-insider-trading","date":"2026-08-28","body":"CFTC","title":"Ex-White House teleprompter operator settles insider-trading case","summary":"Gabriel Perez used nonpublic information about presidential speeches to trade mention-market contracts on KalshiEX between Dec 2025 and Feb 2026. He agreed to disgorge $107,539.02, pay a $65,000 penalty and accept a three-year trading ban.","status":"Settled order","ref":"Release 9289-26","sources":[{"label":"CFTC Release 9289-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9289-26","primary":true},{"label":"Fortune: Former White House teleprompter operator settlement","url":"https://fortune.com/2026/08/29/former-white-house-teleprompter-operator-profits-fine-insider-trading-settlement/","primary":false}],"confidence":"high"},{"id":"cftc-incentive-programs-advisory","date":"2026-08-12","body":"CFTC","title":"Advisory on self-certified incentive programs for prediction markets","summary":"Staff cited a rising number of deficient market-maker and incentive-program filings by DCMs and set expectations for future submissions under Regulations 40.5 and 40.6.","status":"Issued","ref":"CFTC Staff Letter 26-23; Release 9282-26","sources":[{"label":"CFTC Release 9282-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9282-26","primary":true}],"confidence":"high"},{"id":"cftc-emergency-new-york","date":"2026-08-11","body":"CFTC","title":"CFTC uses emergency authority after New York sues Kalshi","summary":"Responding to New York's July 31 suit, which seeks to bar Kalshi's event contracts and more than $36 billion, the CFTC invoked its emergency powers. It said the state action threatened a uniform national derivatives market.","status":"Emergency action issued","ref":"Release 9281-26","sources":[{"label":"CFTC Release 9281-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9281-26","primary":true}],"confidence":"high"},{"id":"cftc-pricing-display-letter","date":"2026-08-07","body":"CFTC","title":"Staff warns against sportsbook-style odds displays","summary":"Staff said showing event-contract prices in 'American' odds format is likely to mislead participants about the transaction. Exchanges must present products as exchange-traded event contracts.","status":"Issued","ref":"Release 9278-26 (staff letter dated July 30, 2026)","sources":[{"label":"CFTC Release 9278-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9278-26","primary":true}],"confidence":"high"},{"id":"cftc-santos-manipulation","date":"2026-07-31","body":"CFTC","title":"George Santos fined for manipulating a State of the Union contract","summary":"The former congressman traded a contract on whether he would attend the 2026 State of the Union while posting misleading statements about his plans. He agreed to pay $17,569.98 in disgorgement and a $17,500 penalty, with a three-year trading ban.","status":"Settled order","ref":"Release 9276-26","sources":[{"label":"CFTC Release 9276-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9276-26","primary":true}],"confidence":"high"},{"id":"cftc-event-series-advisory","date":"2026-07-24","body":"CFTC","title":"Advisory on self-certifying event contract series","summary":"Staff told DCMs not to file broad, template-style certifications that combine many contract variations. Closely related contracts may still be certified as a class.","status":"Issued","ref":"CFTC Staff Letter 26-22; Release 9273-26","sources":[{"label":"CFTC Release 9273-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9273-26","primary":true}],"confidence":"high"},{"id":"cftc-dcm-designations-july-2026","date":"2026-07-24","body":"CFTC","title":"New DCMs: Optex Markets, Water Street Labs, Juice Exchange","summary":"The CFTC's list shows three July designations: Optex Markets (July 9), Water Street Labs (July 16) and Juice Exchange/JuiceX (July 24). Fanatics reportedly bought Water Street Labs and CX Clearinghouse from BGC Group on July 27.","status":"Designated","ref":null,"sources":[{"label":"CFTC list of designated contract markets","url":"https://www.cftc.gov/IndustryOversight/IndustryFilings/TradingOrganizations?type=DCM","primary":true},{"label":"PR Newswire: JuiceX receives CFTC designation","url":"https://www.prnewswire.com/news-releases/juicex-receives-cftc-designation-as-a-contract-market-302844545.html","primary":false},{"label":"DeFi Rate: CFTC approves DRW-linked Optex Markets","url":"https://defirate.com/news/cftc-approves-drw-linked-optex-markets-as-new-designated-contract-market/","primary":false},{"label":"Covers prediction markets timeline (Fanatics acquisition)","url":"https://www.covers.com/betting/prediction-sites/guides/prediction-markets-timeline","primary":false}],"confidence":"medium"},{"id":"congress-hr9856","date":"2026-07-22","body":"Congress","title":"House version of Prediction Markets Are Gambling Act","summary":"Reps. Steven Horsford and Mark Amodei, both of Nevada, introduced a bill to bar sports and casino-style contracts on CFTC-registered entities while preserving weather and economic hedges. It is the companion to S. 4160.","status":"Introduced (House Agriculture)","ref":"H.R. 9856","sources":[{"label":"GovInfo: H.R. 9856","url":"https://www.govinfo.gov/app/details/BILLS-119hr9856ih","primary":true},{"label":"Rep. Horsford press release","url":"https://horsford.house.gov/media/press-releases/horsford-and-amodei-introduce-bipartisan-bill-to-ban-sports-prediction-market-contracts-and-protect-jobs","primary":true}],"confidence":"high"},{"id":"congress-house-ag-hearing","date":"2026-07-21","body":"Congress","title":"House Agriculture subcommittee hearing on sports prediction markets","summary":"The Commodity Markets, Digital Assets, and Rural Development subcommittee held 'Examining Customer Protections and Market Integrity in Sports Event Prediction Markets.' Witnesses came from the AGA, the Indian Gaming Association, Solidus Labs and two law firms.","status":"Held","ref":null,"sources":[{"label":"House Agriculture Committee hearing page","url":"https://agriculture.house.gov/calendar/eventsingle.aspx?EventID=8189","primary":true}],"confidence":"high"},{"id":"cftc-stays-kalshi-michigan","date":"2026-07-14","body":"CFTC","title":"CFTC stays Kalshi rule change and orders Michigan trades honored","summary":"A Michigan state court ordered Kalshi to cancel trades by Michigan residents. The CFTC stayed Kalshi's emergency rule change to comply and ordered open trades fulfilled, saying a state cannot force a DCM to discriminate against its residents.","status":"Emergency action issued","ref":"Release 9267-26","sources":[{"label":"CFTC Release 9267-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9267-26","primary":true}],"confidence":"high"},{"id":"cftc-sues-kentucky","date":"2026-06-23","body":"CFTC","title":"CFTC sues Kentucky","summary":"The CFTC sued after Kentucky brought state-court enforcement actions against DCMs and imposed a special transaction tax on prediction-market trades. Kentucky was the ninth state the agency sued.","status":"Pending","ref":"Release 9260-26","sources":[{"label":"CFTC Release 9260-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9260-26","primary":true}],"confidence":"high"},{"id":"sec-cftc-joint-definitions-rfc","date":"2026-06-18","body":"SEC","title":"SEC and CFTC seek comment on swap definitions, including event-based products","summary":"The two agencies jointly asked for public comment on Title VII definitional questions (swaps, security-based swaps, mixed swaps and novel products). SEC Chairman Atkins said event-based products need clarification.","status":"Request for comment (60 days after FR publication)","ref":"CFTC Release 9258-26","sources":[{"label":"CFTC Release 9258-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9258-26","primary":true},{"label":"Bradley: Is the SEC entering fight over prediction market oversight?","url":"https://www.bradley.com/insights/publications/2026/06/is-the-sec-entering-fight-over-prediction-market-oversight","primary":false}],"confidence":"high"},{"id":"congress-hr9367","date":"2026-06-18","body":"Congress","title":"Stop Lawmakers From Predicting Act","summary":"Rep. Bryan Steil's bill would bar members of Congress, spouses and dependents from trading government-related prediction contracts. CRS lists it as ordered reported (amended) by House Administration, and DeFi Rate called it the first of 20+ prediction-market bills to advance.","status":"Ordered reported (House Administration)","ref":"H.R. 9367","sources":[{"label":"GovInfo: H.R. 9367","url":"https://www.govinfo.gov/app/details/BILLS-119hr9367ih","primary":true},{"label":"CRS R49266 (EveryCRSReport)","url":"https://www.everycrsreport.com/reports/R49266.html","primary":true},{"label":"Washington Times: committee advances bill","url":"https://www.washingtontimes.com/news/2026/jun/24/house-committee-advances-bill-ban-lawmakers-government-related-bets/","primary":false},{"label":"DeFi Rate: House panel advances Congress prediction market ban","url":"https://defirate.com/news/house-panel-advances-congress-prediction-market-ban-first-move-forward/","primary":false}],"confidence":"high"},{"id":"cftc-ludlow-novig-dcm","date":"2026-06-16","body":"CFTC","title":"CFTC designates Ludlow Exchange (Novig)","summary":"Novig's exchange, Ludlow Exchange LLC, was designated a contract market. Novig launched federally regulated sports trading nationwide in August 2026.","status":"Designated","ref":null,"sources":[{"label":"CFTC list of designated contract markets","url":"https://www.cftc.gov/IndustryOversight/IndustryFilings/TradingOrganizations?type=DCM","primary":true},{"label":"CNBC: Novig wins CFTC approval","url":"https://www.cnbc.com/2026/06/16/novig-wins-cftc-approval-as-competition-intensifies-in-sports-prediction-markets.html","primary":false},{"label":"DeFi Rate: Novig launches through Ludlow Exchange","url":"https://defirate.com/news/novig-launches-federally-regulated-sports-prediction-market-platform-through-ludlow-exchange/","primary":false}],"confidence":"high"},{"id":"treasury-irs-no-guidance","date":"2026-06-16","body":"Treasury","title":"IRS has not addressed tax treatment of prediction-market gains","summary":"As of mid-2026 the IRS had not said how event-contract gains are taxed, for example as gambling winnings or as derivatives gains. Separately, the One Big Beautiful Bill Act limits gambling-loss deductions to 90% starting in tax year 2026.","status":"No guidance issued","ref":null,"sources":[{"label":"Thomson Reuters Tax: IRS silence on prediction market winnings","url":"https://tax.thomsonreuters.com/news/irs-silence-on-prediction-market-winnings-to-cause-confusion-as-world-cup-begins/","primary":false},{"label":"CNBC: How to tax winnings is anyone's guess","url":"https://www.cnbc.com/2025/12/23/prediction-markets-trading-income-taxes-gains-losses.html","primary":false}],"confidence":"medium"},{"id":"cftc-sues-new-mexico","date":"2026-06-12","body":"CFTC","title":"CFTC sues New Mexico","summary":"The CFTC filed in federal court after New Mexico's attorney general sued KalshiEX in state court, alleging unlawful online sports betting.","status":"Pending","ref":"Release 9251-26","sources":[{"label":"CFTC Release 9251-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9251-26","primary":true}],"confidence":"high"},{"id":"cftc-prophetx-dcm","date":"2026-06-11","body":"CFTC","title":"CFTC designates ProphetX","summary":"ProphetX LLC, a sports-focused exchange, received an order of designation as a contract market and launched nationwide about a week later.","status":"Designated","ref":null,"sources":[{"label":"CFTC industry filing: ProphetX LLC","url":"https://www.cftc.gov/IndustryOversight/IndustryFilings/TradingOrganizations/58754","primary":true},{"label":"Covers: ProphetX launches one week after CFTC approval","url":"https://www.covers.com/industry/prophetx-launches-prediction-markets-in-us-one-week-after-cftc-approval-june-18-2026","primary":false}],"confidence":"high"},{"id":"cftc-nprm-public-interest-determinations","date":"2026-06-10","body":"CFTC","title":"Proposed rule: 'public interest' review of event contracts","summary":"The proposal sets a three-step test for contracts that 'involve' enumerated activities and defines 'gaming' as recreational, rule-governed activity decided by luck, skill or athletic ability. It lists public-interest factors and a 90-day review process. Commentators say it disfavors contracts on injuries, officiating, discrete in-game actions and pre-collegiate sports. It was published June 12 and comments closed July 27.","status":"Proposed (comment period closed)","ref":"91 FR 35806; RIN 3038-AF65; Release 9249-26","sources":[{"label":"Federal Register: Prediction Markets; Public Interest Determinations","url":"https://www.federalregister.gov/documents/2026/06/12/2026-11854/prediction-markets-public-interest-determinations","primary":true},{"label":"CFTC Release 9249-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9249-26","primary":true},{"label":"WilmerHale: 10 takeaways","url":"https://www.wilmerhale.com/en/insights/client-alerts/20260618-10-takeaways-from-the-cftc-event-contracts-proposed-rulemaking","primary":false},{"label":"Davis Wright Tremaine analysis","url":"https://www.dwt.com/blogs/financial-services-law-advisor/2026/06/prediction-market-public-interest-determinations","primary":false},{"label":"ESPN: No injuries, no props","url":"https://www.espn.com/espn/betting/story/_/id/49019930/cftc-proposes-rules-limiting-prediction-markets-kalshi-sports","primary":false}],"confidence":"high"},{"id":"cftc-sues-rhode-island","date":"2026-05-28","body":"CFTC","title":"CFTC sues Rhode Island","summary":"The CFTC sued in the District of Rhode Island one week after the state attorney general sued Kalshi and Polymarket for civil penalties and disgorgement.","status":"Pending","ref":"Release 9238-26","sources":[{"label":"CFTC Release 9238-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9238-26","primary":true}],"confidence":"high"},{"id":"cftc-google-engineer-insider","date":"2026-05-27","body":"CFTC","title":"Google engineer charged with insider trading on Polymarket","summary":"Software engineer Michele Spagnuolo allegedly made about $1.2 million trading Polymarket contracts on Google's 2025 Year in Search rankings. The CFTC filed civil charges in SDNY and federal prosecutors unsealed a parallel criminal complaint.","status":"Charged","ref":"Release 9237-26","sources":[{"label":"CFTC Release 9237-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9237-26","primary":true}],"confidence":"high"},{"id":"doj-sdny-google-engineer","date":"2026-05-27","body":"DOJ","title":"SDNY criminal complaint against Google engineer","summary":"Federal prosecutors unsealed a criminal complaint alongside the CFTC's civil case over alleged insider trading on Polymarket's Year in Search contracts.","status":"Charged","ref":null,"sources":[{"label":"CFTC Release 9237-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9237-26","primary":true}],"confidence":"high"},{"id":"cftc-prediction-markets-rule-to-oira-may","date":"2026-05-26","body":"CFTC","title":"CFTC sends 'Prediction Markets' proposed rule to OIRA","summary":"The CFTC submitted its prediction-markets proposal for review under Executive Order 12866. The Commission approved the proposal on June 10.","status":"Completed (became June 10 NPRM)","ref":null,"sources":[{"label":"CoinDesk: White House reviews CFTC prediction-market rule","url":"https://www.coindesk.com/policy/2026/05/28/white-house-reviews-cftc-prediction-market-rule-as-trump-backs-federal-control","primary":false}],"confidence":"medium"},{"id":"wh-trump-backs-cftc","date":"2026-05-26","body":"White House","title":"Trump backs exclusive CFTC authority over prediction markets","summary":"In a Truth Social post, President Trump called it 'critically important' that the CFTC keep exclusive authority over prediction markets. The CFTC's proposed rule went to OIRA the same week.","status":"Statement","ref":null,"sources":[{"label":"CoinDesk (May 28, 2026)","url":"https://www.coindesk.com/policy/2026/05/28/white-house-reviews-cftc-prediction-market-rule-as-trump-backs-federal-control","primary":false},{"label":"NPR: Trump supporting prediction market companies","url":"https://www.npr.org/2026/05/27/g-s1-124463/trump-supporting-prediction-market-companies-in-fights-with-state-gambling-regulators","primary":false},{"label":"Covers prediction markets timeline","url":"https://www.covers.com/betting/prediction-sites/guides/prediction-markets-timeline","primary":false}],"confidence":"medium"},{"id":"congress-comer-probe","date":"2026-05-22","body":"Congress","title":"House Oversight opens probe of Kalshi and Polymarket","summary":"Chairman James Comer sought records on identity checks, geofencing and anomalous trading, citing concern that officials could profit from inside knowledge.","status":"Ongoing investigation","ref":null,"sources":[{"label":"CoinDesk: Congress probes Polymarket and Kalshi","url":"https://www.coindesk.com/policy/2026/05/22/congress-probes-polymarket-and-kalshi-over-fears-government-employees-are-trading-on-secret-info","primary":false}],"confidence":"high"},{"id":"cftc-nhl-mou","date":"2026-05-21","body":"CFTC","title":"CFTC and NHL sign integrity MOU","summary":"The CFTC and the NHL agreed to share information confidentially and coordinate on hockey-related event contracts.","status":"Signed","ref":"Release 9235-26","sources":[{"label":"CFTC Release 9235-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9235-26","primary":true}],"confidence":"high"},{"id":"congress-senate-commerce-hearing","date":"2026-05-20","body":"Congress","title":"Senate Commerce subcommittee hearing on prediction markets","summary":"Sen. Marsha Blackburn's consumer-protection subcommittee heard AGA CEO Bill Miller and Coalition for Prediction Markets leaders Patrick McHenry and Sean Patrick Maloney. Senators of both parties pressed on sports integrity, micro-props and marketing to minors.","status":"Held","ref":null,"sources":[{"label":"Roll Call: Tensions dominate Senate hearing","url":"https://rollcall.com/2026/05/20/tensions-over-prediction-markets-dominate-senate-hearing/","primary":false}],"confidence":"high"},{"id":"sec-event-contract-etfs","date":"2026-05-20","body":"SEC","title":"SEC Chair Atkins slows event-contract ETFs","summary":"Atkins said the SEC will seek public input on novel ETFs, including event-contract funds from Roundhill, GraniteShares and Bitwise, whose sponsors delayed effectiveness.","status":"Under review","ref":null,"sources":[{"label":"CPA Practice Advisor (Bloomberg): Atkins pumps the brakes","url":"https://www.cpapracticeadvisor.com/2026/05/21/sec-chief-atkins-pumps-the-brakes-on-prediction-market-funds/183777/","primary":false},{"label":"Bloomberg: SEC chief pumps the brakes","url":"https://www.bloomberg.com/news/articles/2026-05-20/sec-chief-atkins-pumps-the-brakes-on-prediction-market-funds","primary":false}],"confidence":"medium"},{"id":"cftc-sues-minnesota","date":"2026-05-19","body":"CFTC","title":"CFTC sues Minnesota to block statewide ban","summary":"The CFTC sued on the day Minnesota enacted a law making it a felony to operate or help operate prediction markets, effective Aug 1, 2026. A federal judge preliminarily enjoined the law on July 28.","status":"Preliminary injunction granted (July 28, 2026)","ref":"Release 9233-26","sources":[{"label":"CFTC Release 9233-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9233-26","primary":true},{"label":"CBS Minnesota: Judge blocks prediction market ban","url":"https://www.cbsnews.com/minnesota/news/prediction-markets-ban-law-block-judge/","primary":false}],"confidence":"high"},{"id":"cftc-sixth-circuit-amicus","date":"2026-05-12","body":"CFTC","title":"CFTC amicus brief in the Sixth Circuit","summary":"In KalshiEx LLC v. Schuler (No. 26-3196), the CFTC argued that federal law preempts Ohio's regulation of CFTC-supervised prediction markets. The Sixth Circuit ruled against Kalshi on Sept 25, 2026.","status":"Filed","ref":"Release 9230-26","sources":[{"label":"CFTC Release 9230-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9230-26","primary":true}],"confidence":"high"},{"id":"congress-sres708","date":"2026-04-30","body":"Congress","title":"Senate bars senators and staff from prediction-market trading","summary":"By unanimous consent, the Senate amended Rule XXXVII, effective immediately, with an insurance carve-out. It is a Senate rule change, not a statute, and it urges the House, executive and judiciary to adopt similar limits.","status":"Agreed to (Senate)","ref":"S.Res. 708","sources":[{"label":"Congress.gov: S.Res. 708 text","url":"https://www.congress.gov/bill/119th-congress/senate-resolution/708/text","primary":true},{"label":"Mediaite: Senate passes resolution","url":"https://www.mediaite.com/media/news/senate-passes-resolution-banning-senators-and-staff-from-trading-on-prediction-markets-effective-immediately/","primary":false}],"confidence":"high"},{"id":"congress-s4469","date":"2026-04-30","body":"Congress","title":"Prediction Market Act of 2026 (McCormick-Gillibrand)","summary":"The bipartisan bill would replace the Special Rule with case-by-case CFTC review and require insider-trading rules, customer-fund segregation and Bank Secrecy Act-level compliance. It would also bar senior officials from trading and create a CFTC Office of the Retail Advocate.","status":"Introduced (Senate Agriculture)","ref":"S. 4469","sources":[{"label":"Sen. Gillibrand press release","url":"https://www.gillibrand.senate.gov/news/press/release/senators-gillibrand-and-mccormick-introduce-bipartisan-bill-to-stop-politicians-from-profiting-off-insider-information-and-protect-consumers-in-prediction-markets/","primary":true},{"label":"Congress.gov: S. 4469","url":"https://www.congress.gov/bill/119th-congress/senate-bill/4469","primary":true}],"confidence":"high"},{"id":"cftc-sues-wisconsin","date":"2026-04-28","body":"CFTC","title":"CFTC sues Wisconsin","summary":"The CFTC sued after Wisconsin brought civil suits against Kalshi, Polymarket, Crypto.com, Robinhood and Coinbase. A federal judge denied the CFTC's preliminary-injunction request in late July.","status":"Pending (PI denied)","ref":"Release 9220-26","sources":[{"label":"CFTC Release 9220-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9220-26","primary":true},{"label":"CFTC complaint (E.D. Wis.)","url":"https://www.cftc.gov/media/13786/ENFWisconsinComplaint042826/download","primary":true},{"label":"Covers prediction markets timeline (PI denial, July 29)","url":"https://www.covers.com/betting/prediction-sites/guides/prediction-markets-timeline","primary":false}],"confidence":"high"},{"id":"cftc-sues-new-york-and-sjc-amicus","date":"2026-04-24","body":"CFTC","title":"CFTC sues New York; files amicus brief at Massachusetts SJC","summary":"The CFTC asked the Southern District of New York to declare its authority exclusive and enjoin state enforcement. The same day it filed an amicus brief in Commonwealth v. KalshiEx (SJC-13906).","status":"Pending (PI hearing Sept 14, 2026)","ref":"Releases 9218-26, 9219-26","sources":[{"label":"CFTC Release 9218-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9218-26","primary":true},{"label":"CFTC Release 9219-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9219-26","primary":true},{"label":"Paul Hastings crypto policy tracker","url":"https://www.paulhastings.com/insights/crypto-policy-tracker/clarity-act-fails-senate-vote-sec-issues-tokenized-stock-innovation-exemption-cftc-issues-no-action-relief-for-passive-software-providers-prediction-markets-litigation-advances","primary":false}],"confidence":"high"},{"id":"cftc-first-event-contract-insider-case","date":"2026-04-23","body":"CFTC","title":"First CFTC insider-trading case on event contracts","summary":"Active-duty Army service member Gannon Ken Van Dyke allegedly made more than $404,000 trading Polymarket's 'Maduro out by January 31, 2026?' contract on confidential information. SDNY prosecutors unsealed a parallel indictment.","status":"Charged","ref":"Release 9217-26","sources":[{"label":"CFTC Release 9217-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9217-26","primary":true}],"confidence":"high"},{"id":"doj-sdny-maduro-indictment","date":"2026-04-23","body":"DOJ","title":"SDNY indicts Army service member over Maduro-market trades","summary":"The U.S. Attorney's Office for SDNY unsealed an indictment in parallel with the CFTC's first event-contract insider-trading case.","status":"Indicted","ref":null,"sources":[{"label":"CFTC Release 9217-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9217-26","primary":true}],"confidence":"high"},{"id":"cftc-arizona-tro","date":"2026-04-10","body":"CFTC","title":"Court blocks Arizona's criminal case at CFTC's request","summary":"The CFTC sought to enjoin Arizona's criminal and civil enforcement, and the District of Arizona issued a TRO on April 10. Judge Michael Liburdi converted it to a preliminary injunction on May 5.","status":"Preliminary injunction granted","ref":"Releases 9208-26, 9211-26","sources":[{"label":"CFTC Release 9208-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9208-26","primary":true},{"label":"CFTC Release 9211-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9211-26","primary":true},{"label":"Arizona Mirror (May 5, 2026)","url":"https://azmirror.com/2026/05/05/arizonas-criminal-case-against-kalshi-permanently-blocked-by-federal-judge/","primary":false}],"confidence":"high"},{"id":"cftc-sues-az-ct-il","date":"2026-04-02","body":"CFTC","title":"CFTC sues Arizona, Connecticut and Illinois","summary":"The CFTC brought its first suits against states, seeking declaratory and injunctive relief after those states sent cease-and-desist letters and Arizona filed criminal charges. The Department of Justice joined the Arizona filing.","status":"Pending","ref":"Release 9206-26","sources":[{"label":"CFTC Release 9206-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9206-26","primary":true},{"label":"CFTC Release 9208-26 (DOJ participation)","url":"https://www.cftc.gov/PressRoom/PressReleases/9208-26","primary":true}],"confidence":"high"},{"id":"congress-stop-corrupt-bets","date":"2026-03-26","body":"Congress","title":"STOP Corrupt Bets Act (Merkley; Raskin)","summary":"The bills would bar contracts on elections, government and military actions, and sporting events, and direct a GAO study. CRS says S. 4226 was folded into S. 5238.","status":"Introduced","ref":"S. 4226; H.R. 8123","sources":[{"label":"GovInfo: S. 4226","url":"https://www.govinfo.gov/app/details/BILLS-119s4226is","primary":true},{"label":"GovInfo: H.R. 8123","url":"https://www.govinfo.gov/app/details/BILLS-119hr8123ih","primary":true},{"label":"CRS R49266 (EveryCRSReport)","url":"https://www.everycrsreport.com/reports/R49266.html","primary":true}],"confidence":"high"},{"id":"congress-s4188","date":"2026-03-25","body":"Congress","title":"Public Integrity in Financial Prediction Markets Act (Senate)","summary":"Sen. Elissa Slotkin's bill, with Sens. Young, Schiff and Curtis, would bar officials from trading prediction contracts on material nonpublic information. It is the Senate companion to H.R. 7004.","status":"Introduced (HSGAC)","ref":"S. 4188","sources":[{"label":"GovInfo: S. 4188","url":"https://www.govinfo.gov/app/details/BILLS-119s4188is","primary":true}],"confidence":"high"},{"id":"congress-s4160","date":"2026-03-23","body":"Congress","title":"Prediction Markets Are Gambling Act (Schiff-Curtis)","summary":"The bill would bar CFTC-registered entities from listing contracts on sporting events or casino-style games, with a savings clause for state law. Sen. Cortez Masto later joined, and the House companion is H.R. 9856.","status":"Introduced (Senate Agriculture)","ref":"S. 4160","sources":[{"label":"GovInfo: S. 4160","url":"https://www.govinfo.gov/app/details/BILLS-119s4160is","primary":true},{"label":"Sen. Schiff press release","url":"https://www.schiff.senate.gov/news/press-releases/news-sens-schiff-curtis-introduce-bipartisan-legislation-to-ban-sports-prediction-market-contracts/","primary":true}],"confidence":"high"},{"id":"cftc-mlb-mou","date":"2026-03-19","body":"CFTC","title":"CFTC and MLB sign first league integrity MOU","summary":"The agreement sets up confidential information-sharing and regular meetings on baseball-related prediction markets. It was announced alongside MLB's exclusive Polymarket deal.","status":"Signed","ref":"Release 9199-26","sources":[{"label":"CFTC Release 9199-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9199-26","primary":true},{"label":"MLB press release","url":"https://www.mlb.com/press-release/press-release-mlb-names-polymarket-exclusive-prediction-market-exchange-partner-and-signs-agreement-with-cftc-to-establish-integrity-framework","primary":true}],"confidence":"high"},{"id":"congress-s4115-bets-off","date":"2026-03-17","body":"Congress","title":"BETS OFF Act (Murphy)","summary":"The bill would bar wagers on terrorism, assassination, war and government actions that officials could control or know in advance. CRS lists the House companion as H.R. 7955.","status":"Introduced (Senate Judiciary)","ref":"S. 4115","sources":[{"label":"GovInfo: S. 4115","url":"https://www.govinfo.gov/app/details/BILLS-119s4115is","primary":true},{"label":"CRS R49266 (EveryCRSReport)","url":"https://www.everycrsreport.com/reports/R49266.html","primary":true}],"confidence":"high"},{"id":"cftc-anprm-prediction-markets","date":"2026-03-12","body":"CFTC","title":"Advance notice of proposed rulemaking on prediction markets","summary":"The CFTC sought comment on how core principles apply to event contracts, manipulation, margined retail trading, 'contrary to the public interest' determinations and insider trading. It was published March 16 with comments due April 30, and drew more than 3,500 comments.","status":"Closed (led to June 2026 NPRM)","ref":"91 FR 12516; FR Doc 2026-05105; Release 9194-26","sources":[{"label":"Federal Register notice (CFTC copy)","url":"https://www.cftc.gov/LawRegulation/FederalRegister/proposedrules/2026-05105.html","primary":true},{"label":"CFTC Release 9194-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9194-26","primary":true},{"label":"Sidley analysis","url":"https://www.sidley.com/en/insights/newsupdates/2026/03/us-cftc-issues-guidance-advance-notice-of-proposed-rulemaking","primary":false},{"label":"WilmerHale (comment count)","url":"https://www.wilmerhale.com/en/insights/client-alerts/20260618-10-takeaways-from-the-cftc-event-contracts-proposed-rulemaking","primary":false}],"confidence":"high"},{"id":"cftc-staff-advisory-26-08","date":"2026-03-12","body":"CFTC","title":"Staff advisory for DCMs listing event contracts, including sports","summary":"Staff reminded DCMs of their core-principle obligations. For sports contracts, it recommended engaging leagues before certification, settling on official league data and sharing information with integrity monitors.","status":"Issued","ref":"CFTC Staff Letter 26-08; Release 9193-26","sources":[{"label":"CFTC Release 9193-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9193-26","primary":true},{"label":"Sidley analysis","url":"https://www.sidley.com/en/insights/newsupdates/2026/03/us-cftc-issues-guidance-advance-notice-of-proposed-rulemaking","primary":false}],"confidence":"high"},{"id":"congress-s4060","date":"2026-03-11","body":"Congress","title":"Prediction Markets Security and Integrity Act (Blumenthal-Kim)","summary":"The bill would require state authorization to operate, a 21+ age floor, a national self-exclusion list and advertising limits. It would also ban contracts on war, death and manipulation-prone events.","status":"Introduced (Senate Judiciary)","ref":"S. 4060","sources":[{"label":"GovInfo: S. 4060","url":"https://www.govinfo.gov/app/details/BILLS-119s4060is","primary":true}],"confidence":"high"},{"id":"congress-s4035-death-bets","date":"2026-03-10","body":"Congress","title":"DEATH BETS Act (Schiff)","summary":"The bill would bar listing contracts on war, terrorism, assassination or individual death. CRS lists the House companion as H.R. 7942.","status":"Introduced (Senate Agriculture)","ref":"S. 4035","sources":[{"label":"GovInfo: S. 4035","url":"https://www.govinfo.gov/app/details/BILLS-119s4035is","primary":true}],"confidence":"high"},{"id":"congress-hr7840","date":"2026-03-05","body":"Congress","title":"Event Contract Enforcement Act (Blake Moore)","summary":"The bill would replace the Special Rule with per se bans on contracts involving elections, unlawful activity, terrorism, assassination, war and gaming. States could exempt gaming contracts by law.","status":"Introduced (House Agriculture)","ref":"H.R. 7840","sources":[{"label":"GovInfo: H.R. 7840","url":"https://www.govinfo.gov/app/details/BILLS-119hr7840ih","primary":true}],"confidence":"high"},{"id":"congress-s4017","date":"2026-03-05","body":"Congress","title":"End Prediction Market Corruption Act (Merkley)","summary":"The bill would bar the President, Vice President and members of Congress from trading event contracts and direct the CFTC to adopt an insider-trading rule. CRS says it was folded into S. 5238.","status":"Introduced","ref":"S. 4017","sources":[{"label":"GovInfo: S. 4017","url":"https://www.govinfo.gov/app/details/BILLS-119s4017is","primary":true}],"confidence":"high"},{"id":"cftc-enforcement-advisory","date":"2026-02-25","body":"CFTC","title":"Enforcement Division prediction markets advisory","summary":"The Division said it can police insider trading (misappropriation), manipulation, wash trades and disruptive practices on prediction markets. It cited two disciplinary matters on KalshiEX: a YouTube channel editor and a candidate who traded on his own race.","status":"Issued","ref":"Release 9185-26","sources":[{"label":"CFTC Release 9185-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9185-26","primary":true}],"confidence":"high"},{"id":"cftc-ninth-circuit-amicus","date":"2026-02-17","body":"CFTC","title":"CFTC asserts exclusive jurisdiction in Ninth Circuit amicus","summary":"The CFTC filed an amicus brief in North American Derivatives Exchange (Crypto.com) v. Nevada, arguing that prediction markets fall within its exclusive jurisdiction.","status":"Filed","ref":"Release 9183-26","sources":[{"label":"CFTC Release 9183-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9183-26","primary":true}],"confidence":"high"},{"id":"congress-hr7477","date":"2026-02-10","body":"Congress","title":"Fair Markets and Sports Integrity Act (Titus)","summary":"The bill would bar CFTC-registered entities from transactions on sporting events or casino-style games such as slots, blackjack, roulette and poker.","status":"Introduced (House Agriculture)","ref":"H.R. 7477","sources":[{"label":"GovInfo: H.R. 7477","url":"https://www.govinfo.gov/app/details/BILLS-119hr7477ih","primary":true}],"confidence":"high"},{"id":"cftc-withdraws-2024-proposal-and-advisory","date":"2026-02-04","body":"CFTC","title":"CFTC withdraws 2024 event-contracts proposal and sports advisory","summary":"The CFTC withdrew the June 2024 proposal that would have barred political and gaming-related event contracts, along with Staff Letter 25-36 on sports contracts. Selig called the 2024 proposal a 'frolic into merit regulation' and promised a new rulemaking.","status":"Withdrawn","ref":"91 FR 5386 (Feb 6, 2026); Release 9179-26","sources":[{"label":"CFTC Release 9179-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9179-26","primary":true},{"label":"Federal Register: Event Contracts; Withdrawal","url":"https://www.federalregister.gov/documents/2026/02/06/2026-02454/event-contracts-withdrawal-of-proposed-regulatory-action","primary":true}],"confidence":"high"},{"id":"cftc-xchange-alpha-dcm","date":"2026-01-30","body":"CFTC","title":"CFTC designates Xchange Alpha","summary":"Xchange Alpha LLC, based in Scottsdale, Arizona, was designated a contract market. The CFTC announced the designation on Feb 2.","status":"Designated","ref":"Release 9177-26","sources":[{"label":"CFTC Release 9177-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9177-26","primary":true},{"label":"CFTC list of designated contract markets","url":"https://www.cftc.gov/IndustryOversight/IndustryFilings/TradingOrganizations?type=DCM","primary":true}],"confidence":"high"},{"id":"cftc-selig-event-contract-agenda","date":"2026-01-29","body":"CFTC","title":"Selig directs staff to withdraw old proposals and draft new rules","summary":"At a joint SEC-CFTC event, Selig announced a four-part agenda to 'support the responsible development of event contract markets.' He directed staff to withdraw the 2024 proposal and 2025 sports advisory and to draft new event-contract rules.","status":"Announced","ref":null,"sources":[{"label":"Sidley: CFTC signals imminent rulemaking","url":"https://www.sidley.com/en/insights/newsupdates/2026/02/us-cftc-signals-imminent-rulemaking-on-prediction-markets","primary":false}],"confidence":"high"},{"id":"congress-hr7004","date":"2026-01-09","body":"Congress","title":"Public Integrity in Financial Prediction Markets Act (Torres)","summary":"Introduced after insider-trading concerns over Maduro-related markets, the bill would bar covered officials from trading political or policy prediction contracts while holding material nonpublic information.","status":"Introduced","ref":"H.R. 7004","sources":[{"label":"GovInfo: H.R. 7004","url":"https://www.govinfo.gov/app/details/BILLS-119hr7004ih","primary":true}],"confidence":"high"},{"id":"cftc-selig-sworn-in","date":"2025-12-22","body":"CFTC","title":"Michael Selig sworn in as CFTC chairman","summary":"The Senate confirmed Selig on Dec 18, 2025, and he was sworn in Dec 22 as acting chair Caroline Pham departed. That left Selig as the only sitting member of the five-seat Commission. This research found no additional confirmed commissioners as of Oct 1, 2026.","status":"In office","ref":"Releases 9164-25, 9163-25","sources":[{"label":"CFTC Release 9164-25","url":"https://www.cftc.gov/PressRoom/PressReleases/9164-25","primary":true},{"label":"WilmerHale: Selig confirmed","url":"https://www.wilmerhale.com/en/insights/client-alerts/20251218-michael-selig-confirmed-as-cftc-chairman---six-issues-to-watch-in-2026","primary":false},{"label":"Wikipedia: Michael S. Selig","url":"https://en.wikipedia.org/wiki/Michael_S._Selig","primary":false}],"confidence":"high"},{"id":"cftc-nal-event-contracts","date":"2025-12-11","body":"CFTC","title":"Staff no-action letters on event-contract swap reporting","summary":"Staff granted multiple DCMs and DCOs relief from swap-data reporting and recordkeeping for binary event contracts. This extended relief already given to CME (25-23), Railbird/QC Clearing (25-26) and QCX (25-28), and Bitnomial received the same relief in Jan 2026 (26-01).","status":"Issued","ref":"CFTC Staff Letters 25-44, 25-45, 25-47, 25-48; Release 9154-25","sources":[{"label":"CFTC Release 9154-25","url":"https://www.cftc.gov/PressRoom/PressReleases/9154-25","primary":true},{"label":"CFTC Release 9166-26 (Bitnomial)","url":"https://www.cftc.gov/PressRoom/PressReleases/9166-26","primary":true}],"confidence":"high"},{"id":"cftc-gemini-titan-dcm","date":"2025-12-10","body":"CFTC","title":"CFTC designates Gemini Titan","summary":"Gemini Titan LLC was designated a contract market, letting Gemini offer U.S. prediction markets.","status":"Designated","ref":null,"sources":[{"label":"CFTC list of designated contract markets","url":"https://www.cftc.gov/IndustryOversight/IndustryFilings/TradingOrganizations?type=DCM","primary":true},{"label":"CoinDesk: Gemini approved to offer U.S. prediction markets","url":"https://www.coindesk.com/markets/2025/12/11/gemini-becomes-first-crypto-exchange-approved-by-cftc-to-offer-u-s-prediction-markets","primary":false}],"confidence":"high"},{"id":"cftc-polymarket-us-amended-order","date":"2025-11-25","body":"CFTC","title":"CFTC approves Polymarket US amended order of designation","summary":"The amended order let QCX LLC, doing business as Polymarket US, offer intermediated access to U.S. customers through brokers.","status":"Approved","ref":null,"sources":[{"label":"CFTC: Polymarket US Amended Order of Designation","url":"https://www.cftc.gov/media/12806/Polymarket%20US%20Amended%20Order%20of%20Designation/download","primary":true},{"label":"CoinDesk: Polymarket secures CFTC approval for U.S. return","url":"https://www.coindesk.com/business/2025/11/25/polymarket-secures-cftc-approval-for-regulated-u-s-return","primary":false}],"confidence":"high"},{"id":"wh-selig-nomination","date":"2025-10-25","body":"White House","title":"Trump nominates Michael Selig to chair the CFTC","summary":"Selig, chief counsel to the SEC's crypto task force, was named after the Quintenz nomination was withdrawn. The source dates the announcement 'Saturday, October 27,' but Oct 27, 2025 was a Monday, so the exact day is uncertain.","status":"Confirmed Dec 18, 2025","ref":"PN624","sources":[{"label":"Banking Dive: Trump taps Mike Selig","url":"https://www.bankingdive.com/news/trump-taps-mike-selig-lead-cftc-crypto-sec-task-force-lawyer-pham-quintenz-winklevoss/803824/","primary":false},{"label":"Congress.gov: PN624 nomination","url":"https://www.congress.gov/nomination/119th-congress/624/1","primary":true}],"confidence":"medium"},{"id":"cftc-sports-advisory-25-36","date":"2025-09-30","body":"CFTC","title":"Staff advisory on sports event contracts (later withdrawn)","summary":"Issued as the government shut down, the advisory told DCMs to account for state regulatory actions and pending litigation over sports contracts in their contingency planning. It deferred jurisdictional questions to the courts and was withdrawn Feb 4, 2026.","status":"Withdrawn (Feb 4, 2026)","ref":"CFTC Staff Letter 25-36; Release 9137-25","sources":[{"label":"CFTC Release 9137-25","url":"https://www.cftc.gov/PressRoom/PressReleases/9137-25","primary":true},{"label":"Sidley: CFTC signals imminent rulemaking","url":"https://www.sidley.com/en/insights/newsupdates/2026/02/us-cftc-signals-imminent-rulemaking-on-prediction-markets","primary":false}],"confidence":"medium"},{"id":"wh-quintenz-withdrawn","date":"2025-09-30","body":"White House","title":"White House withdraws Brian Quintenz's CFTC nomination","summary":"The White House pulled Brian Quintenz's nomination to chair the CFTC after months of delay. Pham continued as acting chair.","status":"Withdrawn","ref":null,"sources":[{"label":"CoinDesk: White House withdraws Quintenz nomination","url":"https://www.coindesk.com/policy/2025/09/30/white-house-withdraws-brian-quintenz-s-name-from-cftc-chair-nomination","primary":false}],"confidence":"high"},{"id":"cftc-aristotle-dcm","date":"2025-09-05","body":"CFTC","title":"CFTC designates Aristotle Exchange DCM (PredictIt)","summary":"Aristotle Exchange DCM, Inc., affiliated with PredictIt's owner Aristotle, was designated a contract market.","status":"Designated","ref":null,"sources":[{"label":"CFTC list of designated contract markets","url":"https://www.cftc.gov/IndustryOversight/IndustryFilings/TradingOrganizations?type=DCM","primary":true}],"confidence":"medium"},{"id":"cftc-nal-qcx-polymarket","date":"2025-09-03","body":"CFTC","title":"No-action relief for QCX (Polymarket US)","summary":"Staff granted QCX LLC and QC Clearing relief from swap-data reporting and certain recordkeeping for binary and variable-payout event contracts, clearing a path for Polymarket's U.S. return.","status":"Issued","ref":"CFTC Staff Letter 25-28; Release 9113-25","sources":[{"label":"CFTC Release 9113-25","url":"https://www.cftc.gov/PressRoom/PressReleases/9113-25","primary":true}],"confidence":"high"},{"id":"doj-cftc-close-polymarket-probes","date":"2025-07-15","body":"DOJ","title":"DOJ and CFTC close Polymarket investigations","summary":"Federal prosecutors and the CFTC ended their investigations of Polymarket without bringing charges.","status":"Closed","ref":null,"sources":[{"label":"CNBC: Polymarket investigations ended","url":"https://www.cnbc.com/2025/07/15/polymarket-investigations-doj-cftc-betting-market.html","primary":false},{"label":"CoinDesk: Prosecutors, CFTC drop Polymarket investigations","url":"https://www.coindesk.com/policy/2025/07/15/us-prosecutors-cftc-drop-polymarket-investigations","primary":false}],"confidence":"high"},{"id":"cftc-qcx-designation","date":"2025-07-09","body":"CFTC","title":"CFTC designates QCX LLC (now Polymarket US)","summary":"QCX was designated a contract market after an application dating to 2022. Polymarket bought QCX's parent for $112 million on July 21, 2025, and QCX now operates as Polymarket US.","status":"Designated","ref":null,"sources":[{"label":"CFTC list of designated contract markets","url":"https://www.cftc.gov/IndustryOversight/IndustryFilings/TradingOrganizations?type=DCM","primary":true},{"label":"MarketsWiki: QCX, LLC","url":"https://www.marketswiki.com/wiki/QCX,_LLC","primary":false}],"confidence":"high"},{"id":"cftc-railbird-designation","date":"2025-06-13","body":"CFTC","title":"CFTC designates Railbird Exchange","summary":"Railbird Exchange LLC was designated a contract market. DraftKings bought Railbird in Oct 2025 and built its DKeX exchange on it.","status":"Designated","ref":null,"sources":[{"label":"CFTC list of designated contract markets","url":"https://www.cftc.gov/IndustryOversight/IndustryFilings/TradingOrganizations?type=DCM","primary":true},{"label":"CFTC Release 9106-25 (Railbird no-action letter)","url":"https://www.cftc.gov/PressRoom/PressReleases/9106-25","primary":true}],"confidence":"high"},{"id":"cftc-drops-kalshi-election-appeal","date":"2025-05-05","body":"CFTC","title":"CFTC drops appeal in Kalshi election-contracts case","summary":"The CFTC abandoned its D.C. Circuit appeal of the 2024 ruling that allowed Kalshi to list congressional-control contracts. That left election contracts available on CFTC-regulated exchanges.","status":"Appeal dismissed","ref":null,"sources":[{"label":"CNBC: CFTC drops Kalshi election bet case appeal","url":"https://www.cnbc.com/2025/05/05/cftc-kalshi-election-betting-commodities.html","primary":false},{"label":"SBC Americas: CFTC election case officially dismissed","url":"https://sbcamericas.com/2025/05/08/cftc-kalshi-election-case-dismissed/","primary":false}],"confidence":"high"},{"id":"cftc-roundtable-announced","date":"2025-02-05","body":"CFTC","title":"Acting Chair Pham announces prediction markets roundtable","summary":"Pham said the agency must 'break with its past hostility to innovation.' The roundtable agenda covered event-contract orders, litigation, possible Part 38 and 40 changes, retail fraud and federalism.","status":"Announced","ref":"Release 9046-25","sources":[{"label":"CFTC Release 9046-25","url":"https://www.cftc.gov/PressRoom/PressReleases/9046-25","primary":true}],"confidence":"high"},{"id":"cftc-2024-event-contracts-proposal","date":"2024-06-10","body":"CFTC","title":"2024 proposed rule to bar political and gaming event contracts","summary":"The Behnam-era proposal would have barred political and gaming-related event contracts as contrary to the public interest. It was never finalized and was formally withdrawn in Feb 2026.","status":"Withdrawn (Feb 2026)","ref":"89 FR 48968","sources":[{"label":"Federal Register: Event Contracts; Withdrawal","url":"https://www.federalregister.gov/documents/2026/02/06/2026-02454/event-contracts-withdrawal-of-proposed-regulatory-action","primary":true}],"confidence":"high"}],"states":[{"state":"AZ","name":"Arizona","status":"litigation","summary":"Arizona treats sports and election event contracts as illegal gambling, and its attorney general filed the first criminal case against a prediction market. In the CFTC's suit, a federal judge has preliminarily enjoined that prosecution.","actions":[{"date":"2025-05-22","kind":"cease-and-desist","text":"Arizona Department of Gaming sends cease-and-desist letters.","companies":["Kalshi","Crypto.com"],"sources":[{"label":"SBC Americas","url":"https://sbcamericas.com/2025/05/22/arizona-latest-state-to-tell-kalshi-to-stop-and-get-out/","primary":false}]},{"date":"2026-03-17","kind":"lawsuit","text":"AG Kris Mayes files 20 misdemeanor counts against Kalshi (unlicensed wagering; election betting).","companies":["Kalshi"],"sources":[{"label":"Arizona Mirror","url":"https://azmirror.com/2026/03/17/in-unprecedented-move-arizona-files-criminal-charges-against-prediction-market-company-kalshi/","primary":false},{"label":"CoinDesk","url":"https://www.coindesk.com/policy/2026/03/17/arizona-attorney-general-charges-kalshi-with-illegal-gambling-election-betting","primary":false}]},{"date":"2026-04-02","kind":"lawsuit","text":"CFTC, with DOJ, sues Arizona over preempted enforcement.","companies":[],"sources":[{"label":"CFTC Release 9206-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9206-26","primary":true}]},{"date":"2026-04-10","kind":"other","text":"Federal court issues TRO blocking Arizona's criminal proceedings.","companies":["Kalshi"],"sources":[{"label":"CFTC Release 9211-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9211-26","primary":true}]},{"date":"2026-05-05","kind":"other","text":"Judge Michael Liburdi grants preliminary injunction on preemption grounds.","companies":["Kalshi"],"sources":[{"label":"Arizona Mirror","url":"https://azmirror.com/2026/05/05/arizonas-criminal-case-against-kalshi-permanently-blocked-by-federal-judge/","primary":false}]}],"confidence":"high"},{"state":"CA","name":"California","status":"litigation","summary":"The state government has taken no formal action; tribes are leading the fight under the Indian Gaming Regulatory Act. On Sept 16, 2026 the Ninth Circuit held tribes are likely to succeed in barring Kalshi's sports contracts on their lands.","actions":[{"date":"2026-09-16","kind":"other","text":"Ninth Circuit reverses denial of preliminary injunction in Blue Lake Rancheria v. Kalshi (No. 25-7504), holding the contracts are likely Class III gaming on tribal land.","companies":["Kalshi"],"sources":[{"label":"Ninth Circuit opinion","url":"https://cdn.ca9.uscourts.gov/datastore/opinions/2026/09/16/25-7504.pdf","primary":true}]},{"date":"2026-09-17","kind":"other","text":"Kalshi reported to block access on California tribal lands after the ruling.","companies":["Kalshi"],"sources":[{"label":"Lineups","url":"https://www.lineups.com/latest/kalshi-blocks-access-on-three-california-tribal-lands-after-ninth-circuit-loss/","primary":false},{"label":"Covers timeline","url":"https://www.covers.com/betting/prediction-sites/guides/prediction-markets-timeline","primary":false}]}],"confidence":"medium"},{"state":"CT","name":"Connecticut","status":"litigation","summary":"Connecticut has ordered 10 platforms to stop offering sports contracts. A federal judge denied Kalshi's injunction in Aug 2026, and the attorney general then sued Kalshi. The CFTC is suing the state.","actions":[{"date":"2025-12-03","kind":"cease-and-desist","text":"Department of Consumer Protection orders operators to stop sports wagers; Kalshi countersues.","companies":["Kalshi","Robinhood","Crypto.com"],"sources":[{"label":"CoinDesk","url":"https://www.coindesk.com/policy/2025/12/03/connecticut-orders-kalshi-robinhood-crypto-com-to-cease-sports-betting","primary":false}]},{"date":"2026-04-02","kind":"lawsuit","text":"CFTC sues Connecticut.","companies":[],"sources":[{"label":"CFTC Release 9206-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9206-26","primary":true}]},{"date":"2026-08-07","kind":"other","text":"Federal judge denies Kalshi's preliminary injunction.","companies":["Kalshi"],"sources":[{"label":"Covers timeline","url":"https://www.covers.com/betting/prediction-sites/guides/prediction-markets-timeline","primary":false}]},{"date":"2026-08-26","kind":"lawsuit","text":"AG William Tong sues Kalshi seeking an injunction against unlicensed sports wagering.","companies":["Kalshi"],"sources":[{"label":"Connecticut AG release","url":"https://portal.ct.gov/ag/press-releases/2026-press-releases/connecticut-sues-kalshi-to-stop-illegal-unlicensed-sports-betting","primary":true},{"label":"CT Mirror","url":"https://ctmirror.org/2026/08/27/ct-sues-kalshi-sports-betting/","primary":false}]},{"date":"2026-09-10","kind":"cease-and-desist","text":"DCP orders nine more platforms to stop and issues nearly 30 subpoenas to licensees, media, app stores and payment processors.","companies":["Polymarket","Coinbase","Crypto.com","Robinhood","ProphetX","Novig","Webull","Gemini","Underdog"],"sources":[{"label":"Office of Gov. Lamont","url":"https://portal.ct.gov/governor/news/press-releases/2026/09-2026/governor-lamont-announces-new-actions-against-illegal-prediction-markets-offering-sports-wagers","primary":true}]},{"date":"2026-10-08","kind":"other","text":"Gemini, ProphetX and WeBull reported to have stopped offering sports prediction markets in Connecticut after the September demand letters (CT Insider, via DeFi Rate).","companies":["Gemini","ProphetX","Webull"],"sources":[{"label":"DeFi Rate: Gemini, ProphetX, WeBull limit contracts in Connecticut","url":"https://defirate.com/news/report-says-gemini-prophet-x-webull-have-restricted-trading-in-connecticut/","primary":false}]}],"confidence":"high"},{"state":"FL","name":"Florida","status":"watching","summary":"Sports betting in Florida is offered exclusively by the Seminole Tribe under its 2021 compact. On Oct. 8, 2026 the Tribe sued DraftKings in state court, alleging its sports prediction contracts and fantasy products are illegal sports betting that violate the compact; no state regulator action against prediction markets has been reported.","actions":[{"date":"2026-10-08","kind":"lawsuit","text":"Seminole Tribe sues DraftKings, CEO Jason Robins and DraftKings Predictions in Broward County Circuit Court.","companies":["DraftKings"],"sources":[{"label":"Legal Sports Report: DraftKings sued by Seminole Tribe","url":"https://www.legalsportsreport.com/281066/draftkings-sued-by-seminole-tribe-over-sports-predictions-in-florida/","primary":false}]}],"confidence":"medium"},{"state":"IL","name":"Illinois","status":"litigation","summary":"Illinois sent cease-and-desist letters in 2025 and in June 2026 enacted a tax on exchange wagers on sporting events. On Oct. 2, 2026 a federal judge partially enjoined Illinois's licensing enforcement in suits by the CFTC, Kalshi and Coinbase, leaving the tax question open.","actions":[{"date":"2025-04-01","kind":"cease-and-desist","text":"Illinois Gaming Board cease-and-desist letters.","companies":["Kalshi","Robinhood","Crypto.com"],"sources":[{"label":"IGB letter to Kalshi","url":"https://igb.illinois.gov/content/dam/soi/en/web/igb/documents/sports/cease-and-desist-letters/20250401-cease-desist-letter-kalshi.pdf","primary":true}]},{"date":"2026-04-02","kind":"lawsuit","text":"CFTC sues Illinois.","companies":[],"sources":[{"label":"CFTC Release 9206-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9206-26","primary":true}]},{"date":"2026-06-18","kind":"law","text":"Gov. Pritzker signs FY2027 budget with a tax on exchange wagers on sporting events (1.75% on the first $5M, 3.5% after), effective July 1, 2026.","companies":[],"sources":[{"label":"Covers","url":"https://www.covers.com/industry/illinois-governor-approves-budget-with-new-prediction-market-tax-june-18-2026","primary":false}]},{"date":"2026-06-19","kind":"lawsuit","text":"CFTC amends its Illinois complaint to challenge the new tax.","companies":[],"sources":[{"label":"Covers timeline","url":"https://www.covers.com/betting/prediction-sites/guides/prediction-markets-timeline","primary":false}]},{"date":"2026-06-24","kind":"lawsuit","text":"Kalshi sues Illinois over licensing and tax requirements.","companies":["Kalshi"],"sources":[{"label":"Covers timeline","url":"https://www.covers.com/betting/prediction-sites/guides/prediction-markets-timeline","primary":false}]},{"date":"2026-09-08","kind":"bill","text":"A state lawmaker proposes repealing the prediction-market tax.","companies":[],"sources":[{"label":"Covers","url":"https://www.covers.com/industry/illinois-prediction-market-tax-bill-propose-repeal-september-2026","primary":false}]},{"date":"2026-10-02","kind":"other","text":"Judge Martha Pacold (N.D. Ill.) partially enjoins Illinois licensing and criminal enforcement against sports event contracts; ruling on the exchange-wager tax reserved; proposed injunction terms due Oct. 29.","companies":["Kalshi","Coinbase"],"sources":[{"label":"DeFi Rate: Kalshi, Coinbase win partial injunctions against Illinois","url":"https://defirate.com/news/federal-judge-grants-kalshi-coinbase-partial-injunctions/","primary":false},{"label":"Crypto Briefing: partial ruling on Illinois sports contracts","url":"https://cryptobriefing.com/kalshi-coinbase-partial-ruling-illinois-sports-contracts/","primary":false}]}],"confidence":"medium"},{"state":"IA","name":"Iowa","status":"litigation","summary":"Kalshi sued Iowa's attorney general preemptively; a federal judge denied its injunction in Sept 2026, leaving the state free to enforce.","actions":[{"date":"2026-09-10","kind":"other","text":"Federal judge denies Kalshi's bid to block Iowa gambling enforcement.","companies":["Kalshi"],"sources":[{"label":"Yogonet","url":"https://www.yogonet.com/international/news/2026/09/10/126346-iowa-judge-denies-kalshi-bid-to-block-state-gambling-regulation","primary":false},{"label":"Courthouse News","url":"https://www.courthousenews.com/federal-judge-squashes-kalshi-bid-to-block-prediction-market-regulation-by-iowa/","primary":false}]}],"confidence":"medium"},{"state":"KY","name":"Kentucky","status":"litigation","summary":"Kentucky imposed a 14.25% excise tax on prediction-market transactions, and its attorney general sued Kalshi and Polymarket as unlicensed sportsbooks. An industry coalition and the CFTC have both sued the state.","actions":[{"date":"2026-06-12","kind":"other","text":"Industry coalition sues in Franklin Circuit Court over the 14.25% tax enacted in HB 757 (2026 session).","companies":["Kalshi","Polymarket"],"sources":[{"label":"Kentucky Lantern","url":"https://kentuckylantern.com/2026/06/17/coalition-sues-over-kentuckys-14-25-prediction-market-tax/","primary":false}]},{"date":"2026-06-17","kind":"lawsuit","text":"AG Russell Coleman sues Kalshi and Polymarket (and sweepstakes operator VGW).","companies":["Kalshi","Polymarket"],"sources":[{"label":"Kentucky AG","url":"https://www.kentucky.gov/Pages/Activity-stream.aspx?n=AttorneyGeneral&prId=1944","primary":true},{"label":"Kentucky Lantern","url":"https://kentuckylantern.com/2026/06/17/coalition-sues-over-kentuckys-14-25-prediction-market-tax/","primary":false}]},{"date":"2026-06-23","kind":"lawsuit","text":"CFTC sues Kentucky.","companies":[],"sources":[{"label":"CFTC Release 9260-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9260-26","primary":true}]},{"date":"2026-10-05","kind":"other","text":"Federal judge cancels the Oct. 9 argument in the CFTC's suit and orders supplemental briefs (due Oct. 23) on the Sixth Circuit ruling and CFTC rulemaking.","companies":[],"sources":[{"label":"DeFi Rate prediction-market lawsuit tracker","url":"https://defirate.com/prediction-markets/legal/","primary":false}]}],"confidence":"high"},{"state":"LA","name":"Louisiana","status":"warning","summary":"Louisiana's Gaming Control Board told licensees that sports event contracts are illegal sports wagering under state law. The Tunica-Biloxi Tribe announced a Kalshi partnership in Sept 2026.","actions":[{"date":"2025-12-10","kind":"statement","text":"Reported: the Gaming Control Board's advisory to licensees, sent the prior week, names Kalshi and Polymarket.","companies":["Kalshi","Polymarket"],"sources":[{"label":"Yogonet","url":"https://www.yogonet.com/international/news/2025/12/10/116704-louisiana-says-sports-prediction-markets-amount-to-illegal-betting-under-state-law","primary":false}]},{"date":"2026-09-18","kind":"other","text":"Tunica-Biloxi Tribe of Louisiana announces it will enter prediction markets through a Kalshi partnership.","companies":["Kalshi"],"sources":[{"label":"Covers timeline","url":"https://www.covers.com/betting/prediction-sites/guides/prediction-markets-timeline","primary":false}]}],"confidence":"medium"},{"state":"MD","name":"Maryland","status":"litigation","summary":"Maryland's regulator ordered operators to stop in April 2025 and won in district court. Kalshi's Fourth Circuit appeal was argued in May 2026 and is pending, and Baltimore filed its own suits in Aug 2026.","actions":[{"date":"2025-04-07","kind":"cease-and-desist","text":"Maryland Lottery and Gaming Control Agency letters.","companies":["Kalshi","Robinhood","Crypto.com"],"sources":[{"label":"Covers","url":"https://www.covers.com/industry/maryland-kalshi-robinhood-crypto-sports-event-contract-betting-cease-and-desist-april-2025","primary":false}]},{"date":"2026-05-07","kind":"other","text":"Fourth Circuit hears Kalshi's appeal of the denial of its preliminary injunction.","companies":["Kalshi"],"sources":[{"label":"Covers timeline","url":"https://www.covers.com/betting/prediction-sites/guides/prediction-markets-timeline","primary":false},{"label":"Fourth Circuit May 2026 calendar","url":"https://www.ca4.uscourts.gov/cal/internetcalMay52026.pdf","primary":true}]},{"date":"2026-08-13","kind":"lawsuit","text":"City of Baltimore sues under its consumer protection ordinance, also naming Robinhood, Webull and Coinbase.","companies":["Kalshi","Polymarket","Robinhood","Webull","Coinbase"],"sources":[{"label":"Maryland Daily Record","url":"https://thedailyrecord.com/2026/08/13/sports-betting-baltimore-kalshi-polymarket/","primary":false},{"label":"Yogonet","url":"https://www.yogonet.com/international/news/2026/08/17/125902-baltimore-sues-kalshi-and-polymarket-over-unlicensed-sports-betting","primary":false}]}],"confidence":"high"},{"state":"MA","name":"Massachusetts","status":"litigation","summary":"Massachusetts won a state-court preliminary injunction (Jan 2026) barring Kalshi's sports contracts without a state license, but it is stayed pending Kalshi's appeal. The Supreme Judicial Court heard argument May 4, 2026; the CFTC filed an amicus brief for Kalshi and nearly 40 state attorneys general back the state.","actions":[{"date":"2026-01-20","kind":"other","text":"Court grants AG Campbell's preliminary injunction in the suit filed Sept 2025.","companies":["Kalshi"],"sources":[{"label":"Mass. AG","url":"https://www.mass.gov/news/ag-campbell-secures-court-order-that-will-block-kalshi-from-offering-unlawful-sports-wagers-in-massachusetts","primary":true}]},{"date":"2026-04-24","kind":"other","text":"CFTC amicus brief at the SJC (No. SJC-13906).","companies":["Kalshi"],"sources":[{"label":"CFTC Release 9219-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9219-26","primary":true}]},{"date":"2026-08-10","kind":"lawsuit","text":"Novig sues Massachusetts (with Washington and New Mexico).","companies":["Novig"],"sources":[{"label":"Covers timeline","url":"https://www.covers.com/betting/prediction-sites/guides/prediction-markets-timeline","primary":false}]}],"confidence":"high"},{"state":"MI","name":"Michigan","status":"litigation","summary":"Michigan's attorney general won a TRO and then a preliminary injunction against Kalshi's sports contracts, with a $500,000-a-day penalty. The CFTC used emergency powers to block a court-ordered trade cancellation, and Robinhood (Sept 2026) and Coinbase (Oct 2026) agreed to stop sports contracts in the state.","actions":[{"date":"2026-03-05","kind":"lawsuit","text":"AG Dana Nessel sues Kalshi in Ingham County Circuit Court under the Lawful Sports Betting Act.","companies":["Kalshi"],"sources":[{"label":"Michigan AG","url":"https://www.michigan.gov/ag/news/press-releases/2026/03/05/ag-nessel-files-lawsuit-against-kalshi","primary":true}]},{"date":"2026-06-19","kind":"other","text":"Federal judge denies Polymarket's bid to block Michigan enforcement.","companies":["Polymarket"],"sources":[{"label":"PlayMichigan","url":"https://www.playmichigan.com/news/federal-judge-denies-polymarket-bid-to-block-michigan-enforcement/","primary":false}]},{"date":"2026-06-29","kind":"other","text":"State court TRO halts Kalshi sports contracts and advertising.","companies":["Kalshi"],"sources":[{"label":"Michigan AG","url":"https://www.michigan.gov/ag/news/press-releases/2026/09/02/ag-nessel-secures-second-order-halting-unlawful-kalshi-sports-wagers-in-michigan","primary":true}]},{"date":"2026-07-14","kind":"other","text":"CFTC stays Kalshi's rule change and orders open trades honored despite the state order.","companies":["Kalshi"],"sources":[{"label":"CFTC Release 9267-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9267-26","primary":true}]},{"date":"2026-09-01","kind":"other","text":"Preliminary injunction requires geofencing, with a $500,000-per-day penalty.","companies":["Kalshi"],"sources":[{"label":"Michigan AG","url":"https://www.michigan.gov/ag/news/press-releases/2026/09/02/ag-nessel-secures-second-order-halting-unlawful-kalshi-sports-wagers-in-michigan","primary":true}]},{"date":"2026-09-04","kind":"other","text":"Robinhood agrees to stop offering sports prediction markets in Michigan.","companies":["Robinhood"],"sources":[{"label":"Legal Sports Report","url":"https://www.legalsportsreport.com/276268/robinhood-agrees-to-pause-sports-contracts-in-michigan/","primary":false},{"label":"Covers timeline","url":"https://www.covers.com/betting/prediction-sites/guides/prediction-markets-timeline","primary":false}]},{"date":"2026-10-07","kind":"other","text":"Coinbase agrees to stop Michigan sports event contracts by Oct. 10; state forgoes enforcement while Sixth Circuit appeals proceed.","companies":["Coinbase"],"sources":[{"label":"Michigan Gaming Control Board release (Oct. 7, 2026)","url":"https://www.michigan.gov/mgcb/news/2026/10/07/coinbase-agrees-to-halt-sports-related-event-contracts-in-michigan","primary":true}]}],"confidence":"high"},{"state":"MN","name":"Minnesota","status":"litigation","summary":"Minnesota enacted the first statewide criminal ban on most prediction markets (effective Aug 1, 2026), with exemptions for weather and crop contracts. A federal judge preliminarily enjoined it on July 28, 2026.","actions":[{"date":"2026-05-19","kind":"law","text":"Gov. Walz signs the ban (felony to operate or advertise prediction markets), passed in the omnibus public-safety bill.","companies":[],"sources":[{"label":"Minnesota Reformer","url":"https://minnesotareformer.com/2026/05/19/minnesota-becomes-first-state-to-outlaw-prediction-markets-immediately-sued-by-federal-regulators/","primary":false},{"label":"ABC News","url":"https://abcnews.com/US/federal-government-sues-minnesota-prediction-market-ban/story?id=133151891","primary":false}]},{"date":"2026-05-19","kind":"lawsuit","text":"CFTC sues Minnesota; Kalshi and Polymarket also sue.","companies":["Kalshi","Polymarket"],"sources":[{"label":"CFTC Release 9233-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9233-26","primary":true}]},{"date":"2026-07-28","kind":"other","text":"Judge Katherine Menendez preliminarily enjoins the law.","companies":[],"sources":[{"label":"CBS Minnesota","url":"https://www.cbsnews.com/minnesota/news/prediction-markets-ban-law-block-judge/","primary":false}]}],"confidence":"high"},{"state":"MO","name":"Missouri","status":"enforcement","summary":"Missouri launched licensed sports betting Dec 1, 2025. On Sept 18, 2026 its attorney general ordered six operators to stop offering sports event contracts.","actions":[{"date":"2026-09-18","kind":"cease-and-desist","text":"AG Catherine Hanaway orders six operators to stop unlicensed sports wagering.","companies":["Polymarket","Kalshi","Crypto.com","Novig","Underdog","Robinhood"],"sources":[{"label":"Missouri AG","url":"https://ago.mo.gov/missouri-attorney-general-hanaway-orders-unlicensed-prediction-markets-to-cease-and-desist-unlawful-sports-wagering/","primary":true},{"label":"ABC17","url":"https://abc17news.com/news/missouri/2026/09/18/missouri-ag-issues-cease-and-desist-orders-to-six-prediction-markets/","primary":false}]},{"date":"2026-10-02","kind":"statement","text":"AG's office says Kalshi was first to respond to the cease-and-desist order and talks are ongoing; operators reportedly have until late October to show compliance.","companies":["Kalshi"],"sources":[{"label":"Spectrum News St. Louis","url":"https://spectrumlocalnews.com/mo/st-louis/news/2026/10/02/missouri-prediction-markets-sports-betting","primary":false}]},{"date":"2026-10-06","kind":"other","text":"PrizePicks suspends its Team Picks sports prediction product (Kalshi contracts) in Missouri, citing 'updated legal requirements'; PrizePicks was not among the AG's cease-and-desist recipients. Date inferred from 'Tuesday' in the report.","companies":["PrizePicks"],"sources":[{"label":"SBC Americas: PrizePicks pulls sports contracts in Missouri","url":"https://sbcamericas.com/2026/10/07/prizepicks-sports-contracts-missouri/","primary":false}]}],"confidence":"high"},{"state":"MT","name":"Montana","status":"warning","summary":"Montana's Gambling Control Division deemed Kalshi's sports contracts illegal gambling in 2025 and renewed the demand in April 2026, and Kalshi sued in federal court. Local press later reported both sides dropped their suits; the terms were not confirmed.","actions":[{"date":"2025-03-26","kind":"cease-and-desist","text":"Gambling Control Division cease-and-desist order to Kalshi; a similar notice to Robinhood was planned.","companies":["Kalshi"],"sources":[{"label":"SportsBettingDime","url":"https://www.sportsbettingdime.com/news/betting/montana-gambling-control-division-orders-kalshi-to-cease-illegal-gambling/","primary":false}]},{"date":"2026-04-15","kind":"lawsuit","text":"Kalshi sues Montana officials after a second cease-and-desist.","companies":["Kalshi"],"sources":[{"label":"Yogonet","url":"https://www.yogonet.com/international/news/2026/04/15/118589-kalshi-seeks-court-intervention-to-block-montana-39s-gambling-law-enforcement-on-its-platform","primary":false}]}],"confidence":"low"},{"state":"NV","name":"Nevada","status":"litigation","summary":"Nevada has won on most fronts. The Ninth Circuit ruled Aug 28, 2026 that Kalshi's sports contracts likely are not swaps, and state courts have enjoined Kalshi, Polymarket and Coinbase. Kalshi agreed to geofence sports, election and entertainment contracts by Aug 12, 2026.","actions":[{"date":"2025-03-04","kind":"cease-and-desist","text":"Gaming Control Board cease-and-desist letter to Kalshi.","companies":["Kalshi"],"sources":[{"label":"NGCB release","url":"https://www.gaming.nv.gov/siteassets/content/about/press-release/NGCB_-_News_Release_-_KalshiEX_Cease_and_Desist_Order__3-4-2025.pdf","primary":true}]},{"date":"2025-04-09","kind":"other","text":"Federal district court grants Kalshi a preliminary injunction.","companies":["Kalshi"],"sources":[{"label":"NGCB timeline","url":"https://www.gaming.nv.gov/about-us/press-releases-public-statements/timeline-of-nevada-gaming-control-board-ngcb-actions-against-prediction-markets/","primary":true}]},{"date":"2025-05-20","kind":"cease-and-desist","text":"Cease-and-desist to Crypto.com (Robinhood warned May 8).","companies":["Crypto.com","Robinhood"],"sources":[{"label":"NGCB timeline","url":"https://www.gaming.nv.gov/about-us/press-releases-public-statements/timeline-of-nevada-gaming-control-board-ngcb-actions-against-prediction-markets/","primary":true}]},{"date":"2025-11-25","kind":"other","text":"Federal court dissolves Kalshi's injunction and denies Robinhood's.","companies":["Kalshi","Robinhood"],"sources":[{"label":"NGCB timeline","url":"https://www.gaming.nv.gov/about-us/press-releases-public-statements/timeline-of-nevada-gaming-control-board-ngcb-actions-against-prediction-markets/","primary":true}]},{"date":"2026-01-16","kind":"lawsuit","text":"NGCB files state-court enforcement action against Polymarket; TRO follows Jan 29.","companies":["Polymarket"],"sources":[{"label":"NGCB timeline","url":"https://www.gaming.nv.gov/about-us/press-releases-public-statements/timeline-of-nevada-gaming-control-board-ngcb-actions-against-prediction-markets/","primary":true}]},{"date":"2026-02-02","kind":"lawsuit","text":"NGCB sues Coinbase; enjoined March 26.","companies":["Coinbase"],"sources":[{"label":"NGCB timeline","url":"https://www.gaming.nv.gov/about-us/press-releases-public-statements/timeline-of-nevada-gaming-control-board-ngcb-actions-against-prediction-markets/","primary":true}]},{"date":"2026-02-17","kind":"lawsuit","text":"NGCB files state-court enforcement action against Kalshi.","companies":["Kalshi"],"sources":[{"label":"NGCB timeline","url":"https://www.gaming.nv.gov/about-us/press-releases-public-statements/timeline-of-nevada-gaming-control-board-ngcb-actions-against-prediction-markets/","primary":true},{"label":"SBC Americas","url":"https://sbcamericas.com/2026/02/18/nevada-attorney-general-sues-kalshi/","primary":false}]},{"date":"2026-05-29","kind":"other","text":"State court enjoins Polymarket from offering prohibited contracts.","companies":["Polymarket"],"sources":[{"label":"NGCB timeline","url":"https://www.gaming.nv.gov/about-us/press-releases-public-statements/timeline-of-nevada-gaming-control-board-ngcb-actions-against-prediction-markets/","primary":true}]},{"date":"2026-07-23","kind":"other","text":"After a contempt motion, Kalshi agrees to third-party geofencing by Aug 12 or a $120,000-per-day penalty.","companies":["Kalshi"],"sources":[{"label":"NGCB release (July 24, 2026)","url":"https://www.gaming.nv.gov/siteassets/content/about/press-release/nevada-gaming-control-board-shuts-down-kalshis-sports-prediction-market-business-in-nevada.pdf","primary":true}]},{"date":"2026-08-28","kind":"other","text":"Ninth Circuit rules for Nevada against Kalshi, Crypto.com and Robinhood.","companies":["Kalshi","Crypto.com","Robinhood"],"sources":[{"label":"Nevada Current","url":"https://nevadacurrent.com/2026/08/28/ninth-circuit-win-for-nevada-over-kalshi-sets-up-potential-supreme-court-showdown/","primary":false}]},{"date":"2026-10-08","kind":"other","text":"Nevada obtains extensions at the Supreme Court: its responses to Crypto.com's (No. 26-344) and Robinhood's (No. 26-338) cert petitions are now due Nov. 16 and Nov. 13, 2026.","companies":["Crypto.com","Robinhood"],"sources":[{"label":"Supreme Court docket No. 26-344","url":"https://www.supremecourt.gov/docket/docketfiles/html/public/26-344.html","primary":true},{"label":"Supreme Court docket No. 26-338","url":"https://www.supremecourt.gov/docket/docketfiles/html/public/26-338.html","primary":true}]}],"confidence":"high"},{"state":"NJ","name":"New Jersey","status":"litigation","summary":"New Jersey lost 2-1 at the Third Circuit, which held Kalshi's sports contracts likely preempted, and has petitioned the Supreme Court. A June 2026 bill would ban certain contracts and impose taxes of nearly 30%.","actions":[{"date":"2025-03-27","kind":"cease-and-desist","text":"Division of Gaming Enforcement orders a halt to 'unauthorized sports wagers.'","companies":["Kalshi","Robinhood"],"sources":[{"label":"Covers","url":"https://www.covers.com/industry/new-jersey-gaming-cease-and-desist-kalshi-robinhood-march-27-2025","primary":false}]},{"date":"2026-04-06","kind":"other","text":"Third Circuit affirms Kalshi's preliminary injunction (KalshiEX v. Flaherty, No. 25-1922).","companies":["Kalshi"],"sources":[{"label":"Justia: 3d Cir. opinion","url":"https://law.justia.com/cases/federal/appellate-courts/ca3/25-1922/25-1922-2026-04-06.html","primary":true}]},{"date":"2026-06-17","kind":"bill","text":"Bill would ban certain prediction markets and impose 30% taxes.","companies":[],"sources":[{"label":"Covers timeline","url":"https://www.covers.com/betting/prediction-sites/guides/prediction-markets-timeline","primary":false}]},{"date":"2026-09-02","kind":"other","text":"AG Jennifer Davenport files a cert petition asking whether Dodd-Frank preempted state sports-betting law.","companies":["Kalshi"],"sources":[{"label":"Jersey Vindicator","url":"https://jerseyvindicator.org/2026/09/02/new-jersey-petitions-supreme-court-to-block-kalshi-from-sidestepping-state-gambling-laws","primary":false},{"label":"Blank Rome","url":"https://www.blankrome.com/news-and-events/new-jersey-seeks-supreme-court-review-of-kalshi-decision-and-one-additional-argument-that-may-come-into-play/","primary":false}]}],"confidence":"high"},{"state":"NM","name":"New Mexico","status":"litigation","summary":"New Mexico's attorney general sued Kalshi in state court, and a tribe and three pueblos have a separate federal suit. The CFTC sued the state, and Polymarket and Novig have sued state officials.","actions":[{"date":"2026-05-14","kind":"lawsuit","text":"One tribe and three pueblos sue Kalshi in federal court.","companies":["Kalshi"],"sources":[{"label":"Covers timeline","url":"https://www.covers.com/betting/prediction-sites/guides/prediction-markets-timeline","primary":false},{"label":"Source NM","url":"https://sourcenm.com/2026/06/04/new-mexico-ag-torrez-sues-kalshi-for-allowing-allegedly-illegal-sports-betting/","primary":false}]},{"date":"2026-06-04","kind":"lawsuit","text":"AG Raul Torrez sues Kalshi in First Judicial District Court as an illegal sports-betting public nuisance.","companies":["Kalshi"],"sources":[{"label":"Source NM","url":"https://sourcenm.com/2026/06/04/new-mexico-ag-torrez-sues-kalshi-for-allowing-allegedly-illegal-sports-betting/","primary":false}]},{"date":"2026-06-12","kind":"lawsuit","text":"CFTC sues New Mexico.","companies":[],"sources":[{"label":"CFTC Release 9251-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9251-26","primary":true}]},{"date":"2026-07-01","kind":"lawsuit","text":"Polymarket sues the New Mexico attorney general.","companies":["Polymarket"],"sources":[{"label":"Covers timeline","url":"https://www.covers.com/betting/prediction-sites/guides/prediction-markets-timeline","primary":false}]}],"confidence":"high"},{"state":"NY","name":"New York","status":"litigation","summary":"New York is litigating on several fronts. New York's attorney general sued Kalshi (July 31, 2026) and Polymarket (Sept 24, 2026), while the CFTC is suing the state and invoked emergency powers in August.","actions":[{"date":"2025-10-27","kind":"lawsuit","text":"Kalshi sues the State Gaming Commission after an October 2025 cease-and-desist.","companies":["Kalshi"],"sources":[{"label":"SBC Americas","url":"https://sbcamericas.com/2025/10/27/kalshi-sued-home-new-york-regulator/","primary":false}]},{"date":"2026-04-24","kind":"lawsuit","text":"CFTC sues New York in SDNY.","companies":[],"sources":[{"label":"CFTC Release 9218-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9218-26","primary":true}]},{"date":"2026-07-31","kind":"lawsuit","text":"AG Letitia James sues Kalshi for an injunction, restitution and treble penalties (the CFTC said the state seeks over $36 billion).","companies":["Kalshi"],"sources":[{"label":"Office of Gov. Hochul","url":"https://www.governor.ny.gov/news/governor-hochul-and-attorney-general-james-announce-new-york-has-sued-kalshi-running-illegal","primary":true},{"label":"CNBC","url":"https://www.cnbc.com/2026/07/31/new-york-sues-kalshi-claims-it-is-illegal-gambling-operation.html","primary":false}]},{"date":"2026-08-11","kind":"other","text":"CFTC uses emergency authority in response.","companies":["Kalshi"],"sources":[{"label":"CFTC Release 9281-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9281-26","primary":true}]},{"date":"2026-09-24","kind":"lawsuit","text":"State sues Polymarket (QCX) in state court; Polymarket countersues in federal court the same day.","companies":["Polymarket"],"sources":[{"label":"SBC Americas","url":"https://sbcamericas.com/2026/09/25/polymarket-ny-state-court-lawsuit","primary":false},{"label":"The Block","url":"https://www.theblock.co/news/regulation/2026-09-24-new-york-block-polymarket-alleging-illegal-gambling-operation-416279","primary":false}]}],"confidence":"high"},{"state":"NC","name":"North Carolina","status":"permissive","summary":"North Carolina chose to tax rather than ban. A 6% tax on prediction-market operators takes effect Jan 1, 2027, with no state license requirement.","actions":[{"date":"2026-07-07","kind":"law","text":"Gov. Stein signs a budget with a 6% prediction-market tax and a sportsbook tax increase from 18% to 23%.","companies":[],"sources":[{"label":"Covers","url":"https://www.covers.com/industry/north-carolina-governor-signs-off-on-new-sports-betting-prediction-market-taxes-july-7-2026","primary":false}]}],"confidence":"medium"},{"state":"OH","name":"Ohio","status":"litigation","summary":"Ohio ordered operators to stop in 2025, defeated Kalshi's injunction bid, issued a $5 million fine notice, and won at the Sixth Circuit on Sept 25, 2026. On Oct 2, 2026 it sent cease-and-desist letters to 10 more operators, with an Oct 16 compliance deadline.","actions":[{"date":"2025-03-31","kind":"cease-and-desist","text":"Ohio Casino Control Commission cease-and-desist notices.","companies":["Kalshi","Robinhood","Crypto.com"],"sources":[{"label":"SBC Americas","url":"https://sbcamericas.com/2025/04/01/ohio-kalshi-robinhood-cryptocom/","primary":false}]},{"date":"2026-03-09","kind":"other","text":"Chief Judge Sarah Morrison (S.D. Ohio) denies Kalshi's preliminary injunction.","companies":["Kalshi"],"sources":[{"label":"Gambling Insider","url":"https://www.gamblinginsider.com/news/117023/kalshi-ohio-injunction-sixth-circuit-split-jpg","primary":false}]},{"date":"2026-04-14","kind":"other","text":"Commission issues notice of intent to impose a $5 million civil penalty.","companies":["Kalshi"],"sources":[{"label":"13abc","url":"https://www.13abc.com/2026/04/14/ohio-casino-control-commission-seeks-fine-kalshi-5m/","primary":false}]},{"date":"2026-09-25","kind":"other","text":"Sixth Circuit affirms denial of Kalshi's preliminary injunction against Ohio regulators.","companies":["Kalshi"],"sources":[{"label":"The Block","url":"https://www.theblock.co/news/regulation/2026-09-26-kalshi-loses-appeal-over-ohio-and-tennessee-sports-betting-laws-widening-circuit-split-416937","primary":false}]},{"date":"2026-09-30","kind":"statement","text":"Gov. Mike DeWine calls prediction markets 'really gambling' and says Ohio 'will certainly enforce the law' after the Sixth Circuit ruling; no new formal action announced.","companies":["Kalshi"],"sources":[{"label":"Ohio Capital Journal","url":"https://ohiocapitaljournal.com/2026/09/30/after-court-ruling-ohio-gov-mike-dewine-to-hold-kalshi-accountable-for-operating-illegally/","primary":false},{"label":"Statehouse News Bureau","url":"https://www.statenews.org/government-politics/2026-10-02/kalshi-is-illegal-gambling-and-ohio-will-enforce-state-law-following-ruling-says-dewine","primary":false}]},{"date":"2026-10-02","kind":"cease-and-desist","text":"Ohio Casino Control Commission orders 10 operators to stop offering sports event contracts and confirm compliance in writing by Oct. 16, 2026; Kalshi, already in separate proceedings, was not a recipient.","companies":["Polymarket","Coinbase","Robinhood","Gemini","Novig","Underdog","ProphetX","Webull","Plus500","Moomoo"],"sources":[{"label":"SBC Americas: Ohio expands crackdown","url":"https://sbcamericas.com/2026/10/05/ohio-prediction-markets-crackdown-win/","primary":false},{"label":"Covers: Ohio sends cease-and-desists to 10 companies","url":"https://www.covers.com/industry/ohio-regulator-sends-cease-and-desist-notices-to-10-prediction-market-companies-oct-5-2026","primary":false}]},{"date":"2026-10-09","kind":"other","text":"Kalshi asks the Sixth Circuit to rehear (panel or en banc) its loss to Ohio and Tennessee.","companies":["Kalshi"],"sources":[{"label":"Straight to the Point: PM Corner on the CFTC's new rules","url":"https://straighttothepoint.substack.com/p/pm-corner-the-cftcs-new-rules-and","primary":false},{"label":"DeFi Rate prediction-market lawsuit tracker","url":"https://defirate.com/prediction-markets/legal/","primary":false}]}],"confidence":"high"},{"state":"PA","name":"Pennsylvania","status":"legislation","summary":"Pennsylvania has taken no enforcement action. Lawmakers have filed bills to license and tax prediction markets through the Gaming Control Board.","actions":[{"date":"2026-05-11","kind":"bill","text":"Reported: HB 2497 (Rep. Burgos) would require a $1M license and impose a 20% tax plus a 2% local share; it was referred to Gaming Oversight.","companies":[],"sources":[{"label":"Covers","url":"https://www.covers.com/industry/pennsylvania-bill-introduced-prediction-market-tax-regulation-sports-betting-may-2026","primary":false}]},{"date":"2026-07-24","kind":"bill","text":"Bipartisan bill would regulate prediction markets under a state framework.","companies":[],"sources":[{"label":"Covers timeline","url":"https://www.covers.com/betting/prediction-sites/guides/prediction-markets-timeline","primary":false}]}],"confidence":"medium"},{"state":"RI","name":"Rhode Island","status":"litigation","summary":"Rhode Island's attorney general sued Kalshi and Polymarket in May 2026, and the CFTC sued the state a week later.","actions":[{"date":"2026-05-21","kind":"lawsuit","text":"AG Peter Neronha sues in Superior Court for an injunction, restitution and disgorgement.","companies":["Kalshi","Polymarket"],"sources":[{"label":"Rhode Island AG","url":"https://riag.ri.gov/press-releases/attorney-general-neronha-sues-kalshi-and-polymarket-unlawfully-conducting-sports","primary":true}]},{"date":"2026-05-28","kind":"lawsuit","text":"CFTC sues Rhode Island.","companies":[],"sources":[{"label":"CFTC Release 9238-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9238-26","primary":true}]}],"confidence":"high"},{"state":"TN","name":"Tennessee","status":"litigation","summary":"Tennessee issued cease-and-desist orders in Jan 2026. A district court sided with Kalshi, but the Sixth Circuit vacated that injunction and remanded on Sept 25, 2026, clearing the way for enforcement.","actions":[{"date":"2026-01-09","kind":"cease-and-desist","text":"Sports Wagering Council orders a halt; Kalshi sues the same day.","companies":["Kalshi","Polymarket","Crypto.com"],"sources":[{"label":"SBC Americas","url":"https://sbcamericas.com/2026/02/20/tennessee-kalshi-preliminary-injunction/","primary":false},{"label":"CoinDesk","url":"https://www.coindesk.com/policy/2026/01/10/tennessee-orders-kalshi-polymarket-and-crypto-com-to-cease-sports-betting-contracts","primary":false}]},{"date":"2026-02-19","kind":"other","text":"Judge Aleta Trauger (M.D. Tenn.) grants Kalshi a preliminary injunction, finding the contracts are swaps.","companies":["Kalshi"],"sources":[{"label":"SBC Americas","url":"https://sbcamericas.com/2026/02/20/tennessee-kalshi-preliminary-injunction/","primary":false}]},{"date":"2026-09-25","kind":"other","text":"Sixth Circuit vacates Kalshi's preliminary injunction and remands, allowing enforcement.","companies":["Kalshi"],"sources":[{"label":"Sixth Circuit opinion (PDF)","url":"https://www.opn.ca6.uscourts.gov/opinions.pdf/26a0272p-06.pdf","primary":true},{"label":"The Block","url":"https://www.theblock.co/news/regulation/2026-09-26-kalshi-loses-appeal-over-ohio-and-tennessee-sports-betting-laws-widening-circuit-split-416937","primary":false}]},{"date":"2026-10-09","kind":"other","text":"Kalshi asks the Sixth Circuit to rehear (panel or en banc) its loss to Ohio and Tennessee.","companies":["Kalshi"],"sources":[{"label":"Straight to the Point: PM Corner on the CFTC's new rules","url":"https://straighttothepoint.substack.com/p/pm-corner-the-cftcs-new-rules-and","primary":false},{"label":"DeFi Rate prediction-market lawsuit tracker","url":"https://defirate.com/prediction-markets/legal/","primary":false}]}],"confidence":"high"},{"state":"TX","name":"Texas","status":"watching","summary":"Texas has taken no enforcement action. A Senate State Affairs hearing examined sports and election contracts ahead of the 2027 session.","actions":[{"date":"2026-09-15","kind":"other","text":"Senate State Affairs Committee interim hearing on prediction markets.","companies":[],"sources":[{"label":"Texas Senate hearing notice","url":"https://capitol.texas.gov/tlodocs/89R/schedules/pdf/C5702026091509001.PDF","primary":true},{"label":"CDC Gaming","url":"https://cdcgaming.com/brief/texas-senate-hearing-targets-prediction-markets-before-2027-session/","primary":false}]}],"confidence":"high"},{"state":"UT","name":"Utah","status":"litigation","summary":"Utah enacted HB 243 (2026), which classifies proposition bets as banned gambling. A federal judge denied Kalshi's injunction on Aug 4, 2026, and the attorney general says he will enforce.","actions":[{"date":"2026-02-24","kind":"lawsuit","text":"Kalshi sues Utah as HB 243 (Rep. Joseph Elison) advances; Gov. Cox vows to fight.","companies":["Kalshi"],"sources":[{"label":"Utah News Dispatch","url":"https://utahnewsdispatch.com/2026/02/24/kalshi-sues-utah-over-proposed-prop-betting-ban/","primary":false}]},{"date":"2026-08-04","kind":"other","text":"Judge Robert Shelby denies Kalshi's injunction; AG Derek Brown says he will enforce the ban.","companies":["Kalshi"],"sources":[{"label":"Utah News Dispatch","url":"https://utahnewsdispatch.com/2026/08/04/kalshi-is-subject-to-utahs-anti-gambling-law-judge-rules/","primary":false}]}],"confidence":"high"},{"state":"WA","name":"Washington","status":"litigation","summary":"Washington's attorney general sued Kalshi and won a state-court preliminary injunction ruling on July 20, 2026 (terms set after Aug. 3 briefing). Kalshi restricted its offerings in the state in August.","actions":[{"date":"2026-03-27","kind":"lawsuit","text":"AG Nick Brown sues Kalshi in King County Superior Court.","companies":["Kalshi"],"sources":[{"label":"GeekWire","url":"https://www.geekwire.com/2026/no-more-washington-state-sues-kalshi-alleging-prediction-market-amounts-to-illegal-gambling/","primary":false}]},{"date":"2026-07-20","kind":"other","text":"King County judge grants a preliminary injunction.","companies":["Kalshi"],"sources":[{"label":"Spokesman-Review","url":"https://www.spokesman.com/stories/2026/jul/21/king-county-judge-rules-kalshi-likely-violates-sta/","primary":false}]},{"date":"2026-08-20","kind":"other","text":"Kalshi restricts offerings in Washington after a further order.","companies":["Kalshi"],"sources":[{"label":"Covers timeline","url":"https://www.covers.com/betting/prediction-sites/guides/prediction-markets-timeline","primary":false}]}],"confidence":"high"},{"state":"WI","name":"Wisconsin","status":"litigation","summary":"Wisconsin's attorney general sued five operators in April 2026. The CFTC's countersuit was denied a preliminary injunction in July. The Ho-Chunk Nation's IGRA claims against Kalshi are proceeding, with an interlocutory appeal certified in September.","actions":[{"date":"2026-04-24","kind":"lawsuit","text":"AG Josh Kaul files three Dane County complaints seeking declaratory and injunctive relief.","companies":["Kalshi","Polymarket","Crypto.com","Robinhood","Coinbase"],"sources":[{"label":"The Block","url":"https://www.theblock.co/amp/post/398765/wisconsin-sues-kalshi-polymarket-robinhood-crypto-com-and-coinbase-over-sports-event-contracts","primary":false}]},{"date":"2026-04-28","kind":"lawsuit","text":"CFTC sues Wisconsin (E.D. Wis.).","companies":[],"sources":[{"label":"CFTC Release 9220-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9220-26","primary":true}]},{"date":"2026-05-14","kind":"other","text":"Gov. Evers signs an executive order banning insider trading on prediction markets.","companies":[],"sources":[{"label":"Covers timeline","url":"https://www.covers.com/betting/prediction-sites/guides/prediction-markets-timeline","primary":false}]},{"date":"2026-07-29","kind":"other","text":"Federal judge denies the CFTC's preliminary injunction.","companies":[],"sources":[{"label":"Covers timeline","url":"https://www.covers.com/betting/prediction-sites/guides/prediction-markets-timeline","primary":false}]},{"date":"2026-09-11","kind":"other","text":"Federal court certifies interlocutory appeal of tribal IGRA claims (Ho-Chunk Nation v. Kalshi).","companies":["Kalshi"],"sources":[{"label":"Paul Hastings tracker","url":"https://www.paulhastings.com/insights/crypto-policy-tracker/clarity-act-fails-senate-vote-sec-issues-tokenized-stock-innovation-exemption-cftc-issues-no-action-relief-for-passive-software-providers-prediction-markets-litigation-advances","primary":false},{"label":"Gambling Insider (May 2026 IGRA ruling)","url":"https://www.gamblinginsider.com/news/159692/wisconsin-judge-tribal-igra-claims-kalshi","primary":false}]}],"confidence":"medium"}],"industry":[{"date":"2026-10-06","kind":"operator","title":"PrizePicks pauses Team Picks in Missouri","summary":"PrizePicks suspended its Kalshi-backed sports prediction product for Missouri users, citing updated legal requirements, while keeping its licensed DFS and non-sports Culture Picks live.","sources":[{"label":"SBC Americas: PrizePicks pulls sports contracts in Missouri","url":"https://sbcamericas.com/2026/10/07/prizepicks-sports-contracts-missouri/","primary":false}]},{"date":"2026-09-30","kind":"funding","title":"Kalshi reportedly nears $1B raise at ~$40B valuation","summary":"Reuters reported advanced talks led by Sequoia and Wellington, with Tiger Global and Dragoneer expected to join. That would nearly double the May valuation.","sources":[{"label":"Covers (citing Reuters)","url":"https://www.covers.com/industry/kalshi-nearing-1-billion-dollar-funding-at-40-billion-dollar-valuation-sept-30-2026","primary":false}]},{"date":"2026-09-18","kind":"other","title":"Tunica-Biloxi Tribe partners with Kalshi","summary":"A Louisiana tribe announced plans to enter prediction markets through Kalshi, breaking with most tribal gaming groups.","sources":[{"label":"Covers timeline","url":"https://www.covers.com/betting/prediction-sites/guides/prediction-markets-timeline","primary":false},{"label":"InGame EndGame (Sept 18, 2026)","url":"https://www.ingame.com/endgame-09-18-2026/","primary":false}]},{"date":"2026-09-04","kind":"league","title":"NFL asks Kalshi and Polymarket to drop 'objectionable' markets","summary":"The league asked them to remove contracts on injuries, officiating, outcomes known in advance and outcomes a single person can manipulate. Novig's CEO said it would comply.","sources":[{"label":"Prediction News","url":"https://predictionnews.com/story/nfl-asks-prediction-market-apps-to-ban-objectionable-bets","primary":false},{"label":"Covers: Novig complies","url":"https://www.covers.com/industry/novig-ceo-complies-with-nfls-market-restricting-request-sept-9-2026","primary":false}]},{"date":"2026-09-01","kind":"funding","title":"Polymarket round reportedly values it at ~$21B","summary":"Donald Trump Jr.'s 1789 Capital reportedly added $300 million; the round had not officially closed. ICE committed up to $2 billion in Oct 2025.","sources":[{"label":"The Cryptonomist","url":"https://en.cryptonomist.ch/2026/09/01/polymarket-funding-round/","primary":false},{"label":"CNBC: Polymarket seeks >$20B valuation","url":"https://www.cnbc.com/2026/08/04/polymarket-seeks-fundraising-round-at-more-than-20-billion-valuation.html","primary":false}]},{"date":"2026-08-27","kind":"league","title":"NFL signs new betting deals without prediction-market partners","summary":"The NFL's new official sports-betting agreements excluded prediction markets, keeping it apart from the NHL, MLB and MLS.","sources":[{"label":"Covers timeline","url":"https://www.covers.com/betting/prediction-sites/guides/prediction-markets-timeline","primary":false}]},{"date":"2026-08-04","kind":"operator","title":"Novig launches nationwide on its own DCM","summary":"Novig launched federally regulated sports trading through Ludlow Exchange, designated June 16, 2026. It has since sued New York, Washington, New Mexico, Massachusetts and Wisconsin.","sources":[{"label":"DeFi Rate","url":"https://defirate.com/news/novig-launches-federally-regulated-sports-prediction-market-platform-through-ludlow-exchange/","primary":false},{"label":"Covers timeline","url":"https://www.covers.com/betting/prediction-sites/guides/prediction-markets-timeline","primary":false}]},{"date":"2026-07-31","kind":"league","title":"MLB clubs sign prediction-market deals","summary":"The Mets partnered with Novig (July 31) and the Yankees with Polymarket (Aug 6), and Kalshi signed marketing deals with five clubs (Aug 25). This followed MLB's league-level exclusive with Polymarket.","sources":[{"label":"Covers timeline","url":"https://www.covers.com/betting/prediction-sites/guides/prediction-markets-timeline","primary":false}]},{"date":"2026-07-30","kind":"operator","title":"IG Group agrees to buy Underdog for up to $1.3B","summary":"The UK broker made U.S. prediction markets a growth priority with the deal for Underdog.","sources":[{"label":"IG Group announcement","url":"https://www.iggroup.com/~/media/Files/I/IG-Group/documents/investors/financial-results/results-reports-and-presentations/2026/rns-acquisition-of-underdog.pdf","primary":true},{"label":"SBC Americas","url":"https://sbcamericas.com/2026/07/31/underdog-acquired-ig-group/","primary":false}]},{"date":"2026-07-30","kind":"operator","title":"Rush Street Interactive applies for DCM designation","summary":"Another licensed sportsbook operator sought its own CFTC-regulated exchange.","sources":[{"label":"Covers timeline","url":"https://www.covers.com/betting/prediction-sites/guides/prediction-markets-timeline","primary":false}]},{"date":"2026-07-27","kind":"operator","title":"Fanatics buys Water Street Labs and CX Clearinghouse from BGC","summary":"Water Street Labs had been designated a DCM on July 16, 2026, giving Fanatics its own exchange and clearing infrastructure.","sources":[{"label":"Covers timeline","url":"https://www.covers.com/betting/prediction-sites/guides/prediction-markets-timeline","primary":false},{"label":"CFTC DCM list","url":"https://www.cftc.gov/IndustryOversight/IndustryFilings/TradingOrganizations?type=DCM","primary":true}]},{"date":"2026-06-26","kind":"operator","title":"DraftKings launches DKeX exchange","summary":"DraftKings launched DKeX, an in-house exchange built on the Railbird DCM it bought in Oct 2025.","sources":[{"label":"Covers","url":"https://www.covers.com/industry/draftkings-launches-internal-prediction-market-exchange-dkex-june-26-2026","primary":false}]},{"date":"2026-05-28","kind":"trade group","title":"AGA: states have lost about $1B in tax revenue","summary":"The American Gaming Association put forgone state gaming-tax revenue from prediction markets at about $1 billion.","sources":[{"label":"CNBC","url":"https://www.cnbc.com/2026/05/28/states-have-lost-1-billion-due-to-prediction-markets-gaming-association.html","primary":false}]},{"date":"2026-05-20","kind":"trade group","title":"AGA and prediction-market coalition face off before Senate panel","summary":"AGA CEO Bill Miller called prediction markets 'backdoor sports betting.' The Coalition for Prediction Markets, represented by Patrick McHenry and Sean Patrick Maloney, defended federal oversight.","sources":[{"label":"Roll Call","url":"https://rollcall.com/2026/05/20/tensions-over-prediction-markets-dominate-senate-hearing/","primary":false}]},{"date":"2026-05-15","kind":"league","title":"NFL letter to CFTC seeks tighter rules","summary":"SVP Brendon Plack asked for bans on injury and certain player-prop contracts, a 21+ age floor, league review before listing, and limits on margined trading.","sources":[{"label":"Covers","url":"https://www.covers.com/industry/nfl-urges-cftc-for-new-regulations-on-prediction-markets-may-15-2026","primary":false}]},{"date":"2026-05-15","kind":"trade group","title":"AGA and Indian Gaming Association urge Congress to curb sports contracts","summary":"The gaming groups asked Congress to keep sports and casino-style games off CFTC-registered platforms.","sources":[{"label":"Covers","url":"https://www.covers.com/industry/gaming-associations-urge-congress-to-curb-prediction-markets-may-16-2026","primary":false}]},{"date":"2026-05-12","kind":"operator","title":"Polymarket US opens to American iOS users","summary":"Polymarket's CFTC-regulated U.S. app dropped its waitlist.","sources":[{"label":"Covers timeline","url":"https://www.covers.com/betting/prediction-sites/guides/prediction-markets-timeline","primary":false}]},{"date":"2026-05-07","kind":"funding","title":"Kalshi raises $1B Series F at $22B valuation","summary":"The round doubled Kalshi's valuation in five months.","sources":[{"label":"Kalshi via Business Wire","url":"https://www.businesswire.com/news/home/20260507526629/en/Kalshi-Raises-$1-Billion-at-a-$22-Billion-Valuation-as-Institutional-Adoption-Accelerates","primary":true}]},{"date":"2026-05-01","kind":"league","title":"NBA comment letter to CFTC","summary":"The NBA sought a 21+ age floor, KYC screening of athletes and officials, use of official league data, limits on manipulable markets, and league review before listing. The PGA Tour, ATP, NHLPA and MLB also filed comments.","sources":[{"label":"SBC Americas","url":"https://sbcamericas.com/2026/05/01/nba-cftc-prediction-market-comment","primary":false}]},{"date":"2026-03-19","kind":"league","title":"MLB names Polymarket exclusive exchange partner","summary":"The deal bars markets on individual pitches, manager decisions and umpire performance and requires integrity controls. MLB also signed an information-sharing MOU with the CFTC.","sources":[{"label":"MLB press release","url":"https://www.mlb.com/press-release/press-release-mlb-names-polymarket-exclusive-prediction-market-exchange-partner-and-signs-agreement-with-cftc-to-establish-integrity-framework","primary":true}]},{"date":"2026-01-27","kind":"league","title":"MLS names Polymarket exclusive prediction-market partner","summary":"MLS signed a multi-year deal with independent integrity monitoring.","sources":[{"label":"Covers","url":"https://www.covers.com/industry/mls-makes-polymarket-exclusive-prediction-market-partner-jan-27-2026","primary":false},{"label":"WilmerHale (May 26, 2026)","url":"https://www.wilmerhale.com/en/insights/client-alerts/20260526-what-sports-executives-need-to-know-about-prediction-markets","primary":false}]},{"date":"2026-01-21","kind":"operator","title":"Robinhood-Susquehanna venture completes MIAXdx purchase","summary":"The joint venture, announced Nov 25, 2025, bought 90% of the MIAXdx exchange and clearinghouse to build its own prediction-market venue; MIAX kept 10%.","sources":[{"label":"The TRADE","url":"https://www.thetradenews.com/robinhood-and-susquehanna-jv-complete-acquisition-of-miax-derivatives-exchange/","primary":false},{"label":"Robinhood newsroom (Nov 25, 2025)","url":"https://www.robinhood.com/us/en/newsroom/robinhood-prediction-markets-joint-venture/","primary":true}]},{"date":"2026-01-14","kind":"ncaa","title":"NCAA asks CFTC to suspend college sports contracts","summary":"President Charlie Baker asked Chair Selig to pause collegiate markets until safeguards exist, citing 18-year-old access and calling a Kalshi transfer-portal contract 'absolutely unacceptable.'","sources":[{"label":"SBC Americas","url":"https://sbcamericas.com/2026/01/15/ncaa-president-prediction-markets-cftc/","primary":false}]},{"date":"2026-01-12","kind":"trade group","title":"AGA and IGA ask Congress to ban gaming on CFTC platforms","summary":"The joint letter urged language in crypto market-structure legislation prohibiting sports and casino contracts on CFTC-registered platforms.","sources":[{"label":"American Gaming Association","url":"https://www.americangaming.org/joint-aga-iga-letter-addressing-unregulated-sports-event-contracts/","primary":true}]},{"date":"2025-12-22","kind":"operator","title":"FanDuel Predicts launches with CME Group","summary":"FanDuel's prediction product, announced with CME on Nov 12, 2025, went live.","sources":[{"label":"Covers","url":"https://www.covers.com/industry/fanduel-launches-prediction-market-sports-event-contracts-dec-22-2025","primary":false},{"label":"CME Group press release","url":"https://www.cmegroup.com/media-room/press-releases/2025/11/12/fanduel_and_cme_groupunveilnewpredictionmarketsplatformtolaunchi.html","primary":true}]},{"date":"2025-12-19","kind":"operator","title":"DraftKings Predictions launches in 38 states","summary":"DraftKings launched initially through CME as an introducing broker, including in states where sports betting is prohibited or restricted, such as California, Texas and Georgia.","sources":[{"label":"NextPredict","url":"https://nextpredict.io/market-news/draftkings-launches-prediction-markets-product/","primary":false}]},{"date":"2025-12-11","kind":"trade group","title":"Coalition for Prediction Markets launches","summary":"Kalshi, Crypto.com, Robinhood, Coinbase and Underdog formed an industry lobbying group.","sources":[{"label":"Axios","url":"https://www.axios.com/2025/12/11/coalition-for-prediction-markets-kalshi-crypto","primary":false}]},{"date":"2025-12-03","kind":"operator","title":"Fanatics Markets launches in 24 states","summary":"Fanatics entered prediction markets through Crypto.com's exchange.","sources":[{"label":"CNBC","url":"https://www.cnbc.com/2025/12/03/fanatics-launches-prediction-market.html","primary":false}]},{"date":"2025-12-02","kind":"funding","title":"Kalshi raises $1B at $11B valuation","summary":"Kalshi's Series E round closed.","sources":[{"label":"CoinDesk","url":"https://www.coindesk.com/business/2025/12/02/kalshi-raises-usd1b-at-usd11b-valuation-as-prediction-market-race-heats-up","primary":false}]},{"date":"2025-10-22","kind":"league","title":"NHL becomes first major league to partner with Kalshi and Polymarket","summary":"The NHL licensed data and marks in exchange for consumer protections and integrity commitments.","sources":[{"label":"CNBC","url":"https://www.cnbc.com/2025/10/22/nhl-kalshi-polymarket-prediction-market-deals.html","primary":false}]},{"date":"2025-10-21","kind":"operator","title":"DraftKings acquires Railbird","summary":"DraftKings bought the CFTC-designated exchange to enter prediction markets.","sources":[{"label":"CNBC","url":"https://www.cnbc.com/2025/10/21/draftkings-railbird-predictions-platform-acquisition.html","primary":false}]},{"date":"2025-07-21","kind":"operator","title":"Polymarket buys QCX for $112M","summary":"Polymarket acquired the newly designated exchange and clearinghouse to re-enter the U.S. market.","sources":[{"label":"MarketsWiki","url":"https://www.marketswiki.com/wiki/QCX,_LLC","primary":false},{"label":"Blockhead","url":"https://www.blockhead.co/2025/07/22/polymarket-acquires-cftc-licensed-exchange-for-112-million-to-re-enter-u-s-market/","primary":false}]},{"date":"2025-01-23","kind":"operator","title":"Kalshi launches sports event contracts","summary":"Kalshi self-certified and listed sports outcome contracts nationwide. The CFTC did not block them, and the state cease-and-desist wave followed.","sources":[{"label":"SBC Americas","url":"https://sbcamericas.com/2025/01/23/kalshi-expands-sports-event-contracts/","primary":false}]}],"timeline":[{"date":"2026-10-09","category":"cftc","headline":"CFTC proposes treating event contracts as swaps, carves out sportsbooks","detail":"A proposed rule would define sports, political, cultural and weather event contracts as swaps (30-day comment period); an interim final rule excludes licensed sportsbook and casino wagers from the swap definition.","jurisdiction":"US","sources":[{"label":"Sports Betting Dime: CFTC publishes NPRM on sports event contracts as swaps","url":"https://www.sportsbettingdime.com/news/industry/cftc-publishes-notice-of-public-rulemaking-proposing-sports-event-contracts-be-included-in-swap-definition/","primary":false},{"label":"Unchained: CFTC writes prediction markets into swap rules","url":"https://unchainedcrypto.com/cftc-writes-prediction-markets-into-swap-rules-and-carves-sportsbooks-out","primary":false}]},{"date":"2026-10-09","category":"court","headline":"Kalshi seeks rehearing of Sixth Circuit loss","detail":"Petition for panel or en banc rehearing in the Ohio and Tennessee appeals cites a split with the Third and Ninth Circuits and the CFTC's same-day rules.","jurisdiction":"OH","sources":[{"label":"Straight to the Point: PM Corner on the CFTC's new rules","url":"https://straighttothepoint.substack.com/p/pm-corner-the-cftcs-new-rules-and","primary":false},{"label":"DeFi Rate prediction-market lawsuit tracker","url":"https://defirate.com/prediction-markets/legal/","primary":false}]},{"date":"2026-10-08","category":"league","headline":"NFL urges Supreme Court to hear New Jersey's Kalshi case","detail":"The NFL, Gary Gensler, Chris Dodd, and the AGA with 145 tribes and tribal organizations filed amicus briefs backing New Jersey's petition; the Casino Association of New Jersey followed on Oct. 9.","jurisdiction":"US","sources":[{"label":"SBC Americas: NFL, 39 states urge Supreme Court to take up Kalshi case","url":"https://sbcamericas.com/2026/10/09/kalshi-nfl-states-nj-supreme-court","primary":false},{"label":"The Block: NFL tells Supreme Court sports contracts are gambling, not swaps","url":"https://www.theblock.co/news/regulation/2026-10-08-nfl-amicus-brief-supreme-court-kalshi-new-jersey-prediction-markets-418064","primary":false}]},{"date":"2026-10-08","category":"court","headline":"Seminole Tribe sues DraftKings over Florida prediction contracts","detail":"State-court suit says DraftKings Predictions and Pick6 violate the Tribe's exclusive sports-betting compact; includes a racketeering claim against CEO Jason Robins.","jurisdiction":"FL","sources":[{"label":"Legal Sports Report: DraftKings sued by Seminole Tribe","url":"https://www.legalsportsreport.com/281066/draftkings-sued-by-seminole-tribe-over-sports-predictions-in-florida/","primary":false}]},{"date":"2026-10-08","category":"state","headline":"Gemini, ProphetX and WeBull exit Connecticut sports contracts","detail":"Reported halt follows the Department of Consumer Protection's September demand letters; six other recipients have not been reported to stop.","jurisdiction":"CT","sources":[{"label":"DeFi Rate: Gemini, ProphetX, WeBull limit contracts in Connecticut","url":"https://defirate.com/news/report-says-gemini-prophet-x-webull-have-restricted-trading-in-connecticut/","primary":false}]},{"date":"2026-10-08","category":"court","headline":"Nevada gets more time to answer two Supreme Court petitions","detail":"The Clerk extended Nevada's deadlines to respond to Crypto.com's petition to Nov. 16 and to Robinhood's to Nov. 13, 2026; with Kalshi's Nov. 9 response in New Jersey's case, the Court is unlikely to consider any of the three before late November.","jurisdiction":"NV","sources":[{"label":"Supreme Court docket No. 26-344","url":"https://www.supremecourt.gov/docket/docketfiles/html/public/26-344.html","primary":true},{"label":"Supreme Court docket No. 26-338","url":"https://www.supremecourt.gov/docket/docketfiles/html/public/26-338.html","primary":true}]},{"date":"2026-10-07","category":"court","headline":"39 states and D.C. back New Jersey's Supreme Court petition","detail":"Ohio, 38 other states and the District of Columbia submitted an amicus brief in No. 26-299; Stop Predatory Gambling et al. and the Cabazon Band of Cahuilla Indians (Oct. 6) also filed in support.","jurisdiction":"US","sources":[{"label":"Supreme Court docket No. 26-299","url":"https://www.supremecourt.gov/docket/docketfiles/html/public/26-299.html","primary":true}]},{"date":"2026-10-07","category":"state","headline":"Coinbase agrees to halt sports contracts in Michigan","detail":"Under a stipulation, Coinbase stops new sports event contracts and closes positions by Oct. 10; Michigan holds off enforcement while Sixth Circuit appeals proceed.","jurisdiction":"MI","sources":[{"label":"Michigan Gaming Control Board release (Oct. 7, 2026)","url":"https://www.michigan.gov/mgcb/news/2026/10/07/coinbase-agrees-to-halt-sports-related-event-contracts-in-michigan","primary":true}]},{"date":"2026-10-07","category":"court","headline":"Judge hears Van Dyke's bid to dismiss Polymarket insider case","detail":"Judge Margaret Garnett (S.D.N.Y.) questioned whether commodities and fraud laws reach the trades and took the motions under advisement.","jurisdiction":"US","sources":[{"label":"Washington Examiner: judge weighs bid to dismiss","url":"https://www.washingtonexaminer.com/news/justice/4757977/judge-weighs-bid-dismiss-polymarket-maduro-raid-case/","primary":false}]},{"date":"2026-10-06","category":"industry","headline":"PrizePicks suspends sports prediction product in Missouri","detail":"Team Picks paused citing 'updated legal requirements' after the AG's September cease-and-desist letters to six operators.","jurisdiction":"MO","sources":[{"label":"SBC Americas: PrizePicks pulls sports contracts in Missouri","url":"https://sbcamericas.com/2026/10/07/prizepicks-sports-contracts-missouri/","primary":false}]},{"date":"2026-10-05","category":"court","headline":"Kentucky judge postpones CFTC argument for supplemental briefing","detail":"The Oct. 9 argument was canceled; briefs on the Sixth Circuit ruling and CFTC rulemaking are due Oct. 23. (Corrects an earlier listing of an Oct. 9 argument.)","jurisdiction":"KY","sources":[{"label":"DeFi Rate prediction-market lawsuit tracker","url":"https://defirate.com/prediction-markets/legal/","primary":false}]},{"date":"2026-10-02","category":"state","headline":"Ohio orders 10 more operators to stop sports event contracts","detail":"Casino Control Commission letters to Polymarket, Coinbase, Robinhood, Gemini, Novig, Underdog, ProphetX, Webull, Plus500 and Moomoo set an Oct. 16 compliance deadline.","jurisdiction":"OH","sources":[{"label":"SBC Americas: Ohio expands crackdown","url":"https://sbcamericas.com/2026/10/05/ohio-prediction-markets-crackdown-win/","primary":false},{"label":"Covers: Ohio sends cease-and-desists to 10 companies","url":"https://www.covers.com/industry/ohio-regulator-sends-cease-and-desist-notices-to-10-prediction-market-companies-oct-5-2026","primary":false}]},{"date":"2026-10-02","category":"court","headline":"Illinois judge partly blocks state enforcement against Kalshi and Coinbase","detail":"Judge Martha Pacold found Illinois licensing rules likely conflict with the CEA for sports contracts but reserved the tax question; proposed injunction terms are due Oct. 29.","jurisdiction":"IL","sources":[{"label":"DeFi Rate: Kalshi, Coinbase win partial injunctions against Illinois","url":"https://defirate.com/news/federal-judge-grants-kalshi-coinbase-partial-injunctions/","primary":false},{"label":"Crypto Briefing: partial ruling on Illinois sports contracts","url":"https://cryptobriefing.com/kalshi-coinbase-partial-ruling-illinois-sports-contracts/","primary":false}]},{"date":"2026-10-02","category":"court","headline":"Gaming regulator groups back New Jersey's Supreme Court petition","detail":"IAGR and NAGRA filed an amicus brief in No. 26-299 saying the appellate decisions 'cannot be reconciled.'","jurisdiction":"US","sources":[{"label":"Supreme Court docket No. 26-299","url":"https://www.supremecourt.gov/docket/docketfiles/html/public/26-299.html","primary":true},{"label":"SiGMA: Regulators urge Supreme Court review","url":"https://sigma.world/news/regulators-us-supreme-court-sports-contracts/","primary":false}]},{"date":"2026-09-30","category":"federal","headline":"DOJ argues Polymarket contracts are swaps in Van Dyke case","detail":"Prosecutors' letter to Judge Garnett ahead of Oct. 7 argument on the soldier's motion to dismiss.","jurisdiction":"US","sources":[{"label":"Casino.org: DOJ says binary event contracts are swaps","url":"https://www.casino.org/news/justice-department-says-binary-event-contracts-are-swaps/","primary":false}]},{"date":"2026-09-30","category":"state","headline":"Ohio governor vows enforcement against Kalshi","detail":"Gov. DeWine called prediction markets gambling after the Sixth Circuit ruling; no new formal action announced.","jurisdiction":"OH","sources":[{"label":"Ohio Capital Journal","url":"https://ohiocapitaljournal.com/2026/09/30/after-court-ruling-ohio-gov-mike-dewine-to-hold-kalshi-accountable-for-operating-illegally/","primary":false},{"label":"Statehouse News Bureau","url":"https://www.statenews.org/government-politics/2026-10-02/kalshi-is-illegal-gambling-and-ohio-will-enforce-state-law-following-ruling-says-dewine","primary":false}]},{"date":"2026-09-28","category":"cftc","headline":"CFTC sends event-contract 'swap' rules to White House review","detail":"OIRA received a proposed rule defining event contracts as swaps and an interim final rule excluding casino-style gambling products.","jurisdiction":"US","sources":[{"label":"crypto.news","url":"https://crypto.news/the-cftc-has-sent-prediction-market-rules-to-the-white-house-states-are-still-in-court/","primary":false},{"label":"American Banker","url":"https://www.americanbanker.com/news/cftc-files-two-swap-definition-change-rules-to-white-house","primary":false}]},{"date":"2026-09-25","category":"court","headline":"Nevada opposes Kalshi's bid to delay en banc review","detail":"Nevada argued pending CFTC rulemaking would not change the Ninth Circuit's statutory analysis (filing date per secondary reports).","jurisdiction":"NV","sources":[{"label":"CDC Gaming: Nevada opposes Kalshi's bid to delay rehearing","url":"https://cdcgaming.com/nevada-attorney-opposes-kalshis-bid-to-delay-rehearing-due-to-cftc-rulemaking/","primary":false},{"label":"CasinoBeats (Oct. 5, 2026)","url":"https://casinobeats.com/2026/10/05/kalshi-rehearing-nevada/","primary":false}]},{"date":"2026-09-25","category":"court","headline":"Sixth Circuit rules against Kalshi in the Ohio and Tennessee appeals","detail":"A unanimous panel found Kalshi unlikely to show its sports contracts are swaps that preempt state law, deepening the split with the Third Circuit.","jurisdiction":"OH","sources":[{"label":"The Block","url":"https://www.theblock.co/news/regulation/2026-09-26-kalshi-loses-appeal-over-ohio-and-tennessee-sports-betting-laws-widening-circuit-split-416937","primary":false},{"label":"CoinDesk","url":"https://www.coindesk.com/policy/2026/09/25/another-appeals-court-rules-against-prediction-market-provider-kalshi-says-sports-contracts-are-subject-to-state-regulations","primary":false}]},{"date":"2026-09-24","category":"state","headline":"New York sues Polymarket; Polymarket countersues in federal court","detail":"The state seeks a shutdown, restitution and treble damages from Polymarket's U.S. arm, QCX.","jurisdiction":"NY","sources":[{"label":"SBC Americas","url":"https://sbcamericas.com/2026/09/25/polymarket-ny-state-court-lawsuit","primary":false}]},{"date":"2026-09-22","category":"cftc","headline":"CFTC staff issues advisory on 'mention' markets","detail":"Staff Letter 26-27 flags elevated manipulation risk in contracts on what people say or whether they appear.","jurisdiction":"US","sources":[{"label":"CFTC Release 9302-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9302-26","primary":true}]},{"date":"2026-09-18","category":"state","headline":"Missouri AG orders six prediction markets to halt sports contracts","detail":"The orders went to Polymarket, Kalshi, Crypto.com, Novig, Underdog and Robinhood.","jurisdiction":"MO","sources":[{"label":"Missouri AG","url":"https://ago.mo.gov/missouri-attorney-general-hanaway-orders-unlicensed-prediction-markets-to-cease-and-desist-unlawful-sports-wagering/","primary":true}]},{"date":"2026-09-16","category":"court","headline":"Ninth Circuit backs California tribes' IGRA case against Kalshi","detail":"The court held tribes likely can stop Kalshi's sports contracts on their lands as Class III gaming.","jurisdiction":"CA","sources":[{"label":"Ninth Circuit opinion","url":"https://cdn.ca9.uscourts.gov/datastore/opinions/2026/09/16/25-7504.pdf","primary":true}]},{"date":"2026-09-15","category":"congress","headline":"Senate cloture on CLARITY Act fails 49-50","detail":"The defeat removed the main legislative path to federal preemption for prediction markets in 2026.","jurisdiction":"US","sources":[{"label":"Prediction News","url":"https://predictionnews.com/story/senate-cloture-vote-on-clarity-act-fails-dealing-defeat-to-prediction-markets","primary":false}]},{"date":"2026-09-10","category":"court","headline":"Crypto.com and Robinhood petition Supreme Court over Ninth Circuit ruling","detail":"The petitions (Nos. 26-338 and 26-344), filed Sept 10-11, join New Jersey's in seeking review of the circuit split.","jurisdiction":"US","sources":[{"label":"Paul Hastings tracker","url":"https://www.paulhastings.com/insights/crypto-policy-tracker/clarity-act-fails-senate-vote-sec-issues-tokenized-stock-innovation-exemption-cftc-issues-no-action-relief-for-passive-software-providers-prediction-markets-litigation-advances","primary":false}]},{"date":"2026-09-10","category":"state","headline":"Connecticut orders nine more platforms to stop sports contracts","detail":"Recipients include Polymarket, Coinbase, Robinhood, ProphetX, Novig and Gemini, plus nearly 30 subpoenas.","jurisdiction":"CT","sources":[{"label":"Office of Gov. Lamont","url":"https://portal.ct.gov/governor/news/press-releases/2026/09-2026/governor-lamont-announces-new-actions-against-illegal-prediction-markets-offering-sports-wagers","primary":true}]},{"date":"2026-09-04","category":"league","headline":"NFL asks Kalshi and Polymarket to pull injury and officiating markets","detail":"The league also targeted markets on outcomes known in advance or controllable by one person.","jurisdiction":"US","sources":[{"label":"Prediction News","url":"https://predictionnews.com/story/nfl-asks-prediction-market-apps-to-ban-objectionable-bets","primary":false}]},{"date":"2026-09-02","category":"court","headline":"New Jersey asks Supreme Court to review Third Circuit Kalshi ruling","detail":"The petition asks whether Dodd-Frank preempted state regulation of sports bets on CFTC-registered markets.","jurisdiction":"NJ","sources":[{"label":"Blank Rome","url":"https://www.blankrome.com/news-and-events/new-jersey-seeks-supreme-court-review-of-kalshi-decision-and-one-additional-argument-that-may-come-into-play/","primary":false}]},{"date":"2026-09-01","category":"court","headline":"Michigan court enjoins Kalshi sports contracts with $500,000-a-day penalty","detail":"The Ingham County preliminary injunction requires Kalshi to geofence Michigan residents.","jurisdiction":"MI","sources":[{"label":"Michigan AG","url":"https://www.michigan.gov/ag/news/press-releases/2026/09/02/ag-nessel-secures-second-order-halting-unlawful-kalshi-sports-wagers-in-michigan","primary":true}]},{"date":"2026-08-28","category":"court","headline":"Ninth Circuit rules for Nevada against Kalshi, Crypto.com and Robinhood","detail":"Writing for the panel, Judge Ryan Nelson said the sports contracts likely are not swaps and Nevada law is not preempted.","jurisdiction":"NV","sources":[{"label":"Nevada Current","url":"https://nevadacurrent.com/2026/08/28/ninth-circuit-win-for-nevada-over-kalshi-sets-up-potential-supreme-court-showdown/","primary":false}]},{"date":"2026-08-28","category":"cftc","headline":"CFTC fines ex-White House teleprompter operator for insider trading","detail":"Gabriel Perez traded Kalshi mention markets on nonpublic speech content and owes about $172,000.","jurisdiction":"US","sources":[{"label":"CFTC Release 9289-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9289-26","primary":true}]},{"date":"2026-08-27","category":"state","headline":"Connecticut attorney general sues Kalshi","detail":"AG William Tong seeks an injunction against unlicensed sports wagering after Kalshi lost its federal injunction bid.","jurisdiction":"CT","sources":[{"label":"CT Mirror","url":"https://ctmirror.org/2026/08/27/ct-sues-kalshi-sports-betting/","primary":false}]},{"date":"2026-08-13","category":"state","headline":"Baltimore sues Kalshi and Polymarket over unlicensed sports betting","detail":"The city's consumer-protection suits also name Robinhood, Webull and Coinbase.","jurisdiction":"MD","sources":[{"label":"Maryland Daily Record","url":"https://thedailyrecord.com/2026/08/13/sports-betting-baltimore-kalshi-polymarket/","primary":false}]},{"date":"2026-08-11","category":"cftc","headline":"CFTC invokes emergency authority after New York's suit against Kalshi","detail":"The agency said New York's bid to bar Kalshi nationwide and collect more than $36 billion threatened market stability.","jurisdiction":"NY","sources":[{"label":"CFTC Release 9281-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9281-26","primary":true}]},{"date":"2026-07-31","category":"state","headline":"New York AG and Gaming Commission sue Kalshi","detail":"The state seeks an injunction, restitution and fines of three times Kalshi's alleged illegal proceeds.","jurisdiction":"NY","sources":[{"label":"Office of Gov. Hochul","url":"https://www.governor.ny.gov/news/governor-hochul-and-attorney-general-james-announce-new-york-has-sued-kalshi-running-illegal","primary":true}]},{"date":"2026-07-30","category":"industry","headline":"IG Group agrees to buy Underdog for up to $1.3 billion","detail":"The UK broker bet on U.S. prediction markets through the deal.","jurisdiction":"US","sources":[{"label":"IG Group announcement","url":"https://www.iggroup.com/~/media/Files/I/IG-Group/documents/investors/financial-results/results-reports-and-presentations/2026/rns-acquisition-of-underdog.pdf","primary":true}]},{"date":"2026-07-29","category":"court","headline":"Judge denies CFTC preliminary injunction against Wisconsin","detail":"The ruling was a setback for the CFTC's suits against states.","jurisdiction":"WI","sources":[{"label":"Covers timeline","url":"https://www.covers.com/betting/prediction-sites/guides/prediction-markets-timeline","primary":false}]},{"date":"2026-07-28","category":"court","headline":"Federal judge blocks Minnesota's prediction-market ban","detail":"Judge Katherine Menendez found the law likely regulates transactions within the CFTC's exclusive jurisdiction.","jurisdiction":"MN","sources":[{"label":"CBS Minnesota","url":"https://www.cbsnews.com/minnesota/news/prediction-markets-ban-law-block-judge/","primary":false}]},{"date":"2026-07-23","category":"state","headline":"Kalshi agrees to geofence Nevada or pay $120,000 a day","detail":"The deal resolved Nevada's contempt motion over violations of a state-court injunction.","jurisdiction":"NV","sources":[{"label":"NGCB release","url":"https://www.gaming.nv.gov/siteassets/content/about/press-release/nevada-gaming-control-board-shuts-down-kalshis-sports-prediction-market-business-in-nevada.pdf","primary":true}]},{"date":"2026-07-21","category":"congress","headline":"House Agriculture subcommittee holds sports prediction-market hearing","detail":"Witnesses included the AGA, the Indian Gaming Association and market-surveillance firm Solidus Labs.","jurisdiction":"US","sources":[{"label":"House Agriculture Committee","url":"https://agriculture.house.gov/calendar/eventsingle.aspx?EventID=8189","primary":true}]},{"date":"2026-07-21","category":"court","headline":"Washington court grants preliminary injunction against Kalshi","detail":"A King County judge found Kalshi likely violates state gambling law.","jurisdiction":"WA","sources":[{"label":"Spokesman-Review","url":"https://www.spokesman.com/stories/2026/jul/21/king-county-judge-rules-kalshi-likely-violates-sta/","primary":false}]},{"date":"2026-07-14","category":"cftc","headline":"CFTC overrides Michigan court order, orders Kalshi trades honored","detail":"The CFTC stayed Kalshi's rule change cancelling Michigan residents' trades.","jurisdiction":"MI","sources":[{"label":"CFTC Release 9267-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9267-26","primary":true}]},{"date":"2026-07-07","category":"state","headline":"North Carolina enacts 6% tax on prediction-market operators","detail":"The tax starts Jan 1, 2027 with no licensing requirement, and the sportsbook tax rises to 23%.","jurisdiction":"NC","sources":[{"label":"Covers","url":"https://www.covers.com/industry/north-carolina-governor-signs-off-on-new-sports-betting-prediction-market-taxes-july-7-2026","primary":false}]},{"date":"2026-06-23","category":"cftc","headline":"CFTC sues Kentucky over enforcement suits and transaction tax","detail":"Kentucky became the ninth state sued by the CFTC.","jurisdiction":"KY","sources":[{"label":"CFTC Release 9260-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9260-26","primary":true}]},{"date":"2026-06-18","category":"state","headline":"Illinois enacts tax on exchange wagers on sporting events","detail":"The rate is 1.75% on the first $5 million and 3.5% after, effective July 1.","jurisdiction":"IL","sources":[{"label":"Covers","url":"https://www.covers.com/industry/illinois-governor-approves-budget-with-new-prediction-market-tax-june-18-2026","primary":false}]},{"date":"2026-06-16","category":"cftc","headline":"CFTC designates Novig's Ludlow Exchange; ProphetX approved June 11","detail":"Sports-focused exchanges won their own DCM licenses.","jurisdiction":"US","sources":[{"label":"CFTC DCM list","url":"https://www.cftc.gov/IndustryOversight/IndustryFilings/TradingOrganizations?type=DCM","primary":true}]},{"date":"2026-06-12","category":"cftc","headline":"CFTC sues New Mexico after AG's suit against Kalshi","detail":"New Mexico's attorney general had sued Kalshi in state court on June 4.","jurisdiction":"NM","sources":[{"label":"CFTC Release 9251-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9251-26","primary":true}]},{"date":"2026-06-10","category":"cftc","headline":"CFTC proposes public-interest framework for event contracts","detail":"The NPRM defines 'gaming' and sets factors for which contracts can be barred; comments closed July 27.","jurisdiction":"US","sources":[{"label":"Federal Register","url":"https://www.federalregister.gov/documents/2026/06/12/2026-11854/prediction-markets-public-interest-determinations","primary":true}]},{"date":"2026-05-28","category":"cftc","headline":"CFTC sues Rhode Island","detail":"The suit followed the state attorney general's May 21 case against Kalshi and Polymarket.","jurisdiction":"RI","sources":[{"label":"CFTC Release 9238-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9238-26","primary":true}]},{"date":"2026-05-26","category":"federal","headline":"Trump backs CFTC control; prediction-market rule goes to OIRA","detail":"Trump said exclusive CFTC authority is 'critically important' as the proposed rule entered White House review.","jurisdiction":"US","sources":[{"label":"CoinDesk","url":"https://www.coindesk.com/policy/2026/05/28/white-house-reviews-cftc-prediction-market-rule-as-trump-backs-federal-control","primary":false}]},{"date":"2026-05-22","category":"congress","headline":"House Oversight opens insider-trading probe of Kalshi and Polymarket","detail":"Chairman Comer sought records on identity checks and anomalous trading.","jurisdiction":"US","sources":[{"label":"CoinDesk","url":"https://www.coindesk.com/policy/2026/05/22/congress-probes-polymarket-and-kalshi-over-fears-government-employees-are-trading-on-secret-info","primary":false}]},{"date":"2026-05-20","category":"congress","headline":"Senate Commerce subcommittee hearing scrutinizes prediction markets","detail":"Senators of both parties questioned whether the platforms differ from sports betting.","jurisdiction":"US","sources":[{"label":"Roll Call","url":"https://rollcall.com/2026/05/20/tensions-over-prediction-markets-dominate-senate-hearing/","primary":false}]},{"date":"2026-05-19","category":"state","headline":"Minnesota enacts first state ban; CFTC sues the same day","detail":"The law makes operating or advertising prediction markets a felony starting Aug 1.","jurisdiction":"MN","sources":[{"label":"CFTC Release 9233-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9233-26","primary":true},{"label":"Minnesota Reformer","url":"https://minnesotareformer.com/2026/05/19/minnesota-becomes-first-state-to-outlaw-prediction-markets-immediately-sued-by-federal-regulators/","primary":false}]},{"date":"2026-05-15","category":"league","headline":"NFL urges CFTC to bar injury props and raise age to 21","detail":"The league also asked for league review of player-performance contracts.","jurisdiction":"US","sources":[{"label":"Covers","url":"https://www.covers.com/industry/nfl-urges-cftc-for-new-regulations-on-prediction-markets-may-15-2026","primary":false}]},{"date":"2026-05-07","category":"industry","headline":"Kalshi raises $1 billion at $22 billion valuation","detail":"Kalshi's valuation doubled in five months.","jurisdiction":"US","sources":[{"label":"Kalshi via Business Wire","url":"https://www.businesswire.com/news/home/20260507526629/en/Kalshi-Raises-$1-Billion-at-a-$22-Billion-Valuation-as-Institutional-Adoption-Accelerates","primary":true}]},{"date":"2026-05-05","category":"court","headline":"Federal judge enjoins Arizona's criminal case against Kalshi","detail":"Judge Liburdi converted the April TRO into a preliminary injunction on preemption grounds.","jurisdiction":"AZ","sources":[{"label":"Arizona Mirror","url":"https://azmirror.com/2026/05/05/arizonas-criminal-case-against-kalshi-permanently-blocked-by-federal-judge/","primary":false}]},{"date":"2026-04-30","category":"congress","headline":"Senate bans senators and staff from prediction-market trading","detail":"S.Res. 708 passed by unanimous consent, and the McCormick-Gillibrand framework bill was introduced the same day.","jurisdiction":"US","sources":[{"label":"Mediaite","url":"https://www.mediaite.com/media/news/senate-passes-resolution-banning-senators-and-staff-from-trading-on-prediction-markets-effective-immediately/","primary":false}]},{"date":"2026-04-28","category":"cftc","headline":"CFTC sues Wisconsin after state sues five operators","detail":"Wisconsin had sued Kalshi, Polymarket, Crypto.com, Robinhood and Coinbase on April 24.","jurisdiction":"WI","sources":[{"label":"CFTC Release 9220-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9220-26","primary":true}]},{"date":"2026-04-24","category":"cftc","headline":"CFTC sues New York and files Massachusetts SJC amicus","detail":"The agency extended its offensive to New York and the Massachusetts appeal.","jurisdiction":"NY","sources":[{"label":"CFTC Release 9218-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9218-26","primary":true}]},{"date":"2026-04-23","category":"cftc","headline":"First CFTC insider-trading case on event contracts","detail":"An Army service member allegedly made $404,000 on Polymarket's Maduro contract, and SDNY filed a parallel indictment.","jurisdiction":"US","sources":[{"label":"CFTC Release 9217-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9217-26","primary":true}]},{"date":"2026-04-14","category":"state","headline":"Ohio regulator moves to fine Kalshi $5 million","detail":"The Casino Control Commission cited Kalshi's refusal to stop offering sports contracts.","jurisdiction":"OH","sources":[{"label":"13abc","url":"https://www.13abc.com/2026/04/14/ohio-casino-control-commission-seeks-fine-kalshi-5m/","primary":false}]},{"date":"2026-04-06","category":"court","headline":"Third Circuit backs Kalshi against New Jersey, 2-1","detail":"The court held CFTC jurisdiction over sports event contracts is likely exclusive.","jurisdiction":"NJ","sources":[{"label":"Justia: 3d Cir. opinion","url":"https://law.justia.com/cases/federal/appellate-courts/ca3/25-1922/25-1922-2026-04-06.html","primary":true}]},{"date":"2026-04-02","category":"cftc","headline":"CFTC sues Arizona, Connecticut and Illinois","detail":"These were the agency's first lawsuits against states over prediction-market enforcement.","jurisdiction":"US","sources":[{"label":"CFTC Release 9206-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9206-26","primary":true}]},{"date":"2026-03-23","category":"congress","headline":"Schiff and Curtis introduce bill to ban sports contracts on CFTC exchanges","detail":"The Prediction Markets Are Gambling Act (S. 4160) would also bar casino-style contracts.","jurisdiction":"US","sources":[{"label":"GovInfo: S. 4160","url":"https://www.govinfo.gov/app/details/BILLS-119s4160is","primary":true}]},{"date":"2026-03-19","category":"league","headline":"MLB picks Polymarket as exclusive partner and signs CFTC MOU","detail":"MLB barred pitch-level, manager and umpire markets and set up information sharing with the CFTC.","jurisdiction":"US","sources":[{"label":"MLB press release","url":"https://www.mlb.com/press-release/press-release-mlb-names-polymarket-exclusive-prediction-market-exchange-partner-and-signs-agreement-with-cftc-to-establish-integrity-framework","primary":true}]},{"date":"2026-03-17","category":"state","headline":"Arizona files criminal charges against Kalshi","detail":"AG Kris Mayes brought 20 misdemeanor counts, including unlicensed wagering and election betting.","jurisdiction":"AZ","sources":[{"label":"Arizona Mirror","url":"https://azmirror.com/2026/03/17/in-unprecedented-move-arizona-files-criminal-charges-against-prediction-market-company-kalshi/","primary":false}]},{"date":"2026-03-12","category":"cftc","headline":"CFTC issues prediction-markets staff advisory and ANPRM","detail":"Staff Letter 26-08 set sports-contract expectations, and the ANPRM sought comment through April 30.","jurisdiction":"US","sources":[{"label":"CFTC Release 9194-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9194-26","primary":true},{"label":"CFTC Release 9193-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9193-26","primary":true}]},{"date":"2026-03-05","category":"state","headline":"Michigan attorney general sues Kalshi","detail":"The Ingham County suit alleges violations of the Lawful Sports Betting Act.","jurisdiction":"MI","sources":[{"label":"Michigan AG","url":"https://www.michigan.gov/ag/news/press-releases/2026/03/05/ag-nessel-files-lawsuit-against-kalshi","primary":true}]},{"date":"2026-02-20","category":"court","headline":"Tennessee federal judge grants Kalshi preliminary injunction","detail":"Judge Trauger found sports event contracts likely are swaps; the Sixth Circuit later reversed.","jurisdiction":"TN","sources":[{"label":"SBC Americas","url":"https://sbcamericas.com/2026/02/20/tennessee-kalshi-preliminary-injunction/","primary":false}]},{"date":"2026-02-17","category":"state","headline":"Nevada files state-court enforcement action against Kalshi","detail":"The same day, the CFTC filed a Ninth Circuit amicus brief asserting exclusive federal jurisdiction.","jurisdiction":"NV","sources":[{"label":"NGCB timeline","url":"https://www.gaming.nv.gov/about-us/press-releases-public-statements/timeline-of-nevada-gaming-control-board-ngcb-actions-against-prediction-markets/","primary":true},{"label":"CFTC Release 9183-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9183-26","primary":true}]},{"date":"2026-02-04","category":"cftc","headline":"CFTC withdraws 2024 event-contract proposal and sports advisory","detail":"Selig promised a new rulemaking in place of the proposed ban on political and gaming contracts.","jurisdiction":"US","sources":[{"label":"CFTC Release 9179-26","url":"https://www.cftc.gov/PressRoom/PressReleases/9179-26","primary":true}]},{"date":"2026-01-20","category":"court","headline":"Massachusetts court enjoins Kalshi's sports contracts","detail":"The order bars Kalshi from Massachusetts sports contracts until it is licensed; the appeal is at the SJC.","jurisdiction":"MA","sources":[{"label":"Mass. AG","url":"https://www.mass.gov/news/ag-campbell-secures-court-order-that-will-block-kalshi-from-offering-unlawful-sports-wagers-in-massachusetts","primary":true}]},{"date":"2026-01-14","category":"league","headline":"NCAA asks CFTC to suspend college sports contracts","detail":"President Charlie Baker cited 18-year-old access and weak integrity safeguards.","jurisdiction":"US","sources":[{"label":"SBC Americas","url":"https://sbcamericas.com/2026/01/15/ncaa-president-prediction-markets-cftc/","primary":false}]},{"date":"2026-01-09","category":"state","headline":"Tennessee orders Kalshi, Polymarket and Crypto.com to stop sports contracts","detail":"It was Polymarket's first state cease-and-desist, and Kalshi sued the same day.","jurisdiction":"TN","sources":[{"label":"CoinDesk","url":"https://www.coindesk.com/policy/2026/01/10/tennessee-orders-kalshi-polymarket-and-crypto-com-to-cease-sports-betting-contracts","primary":false}]},{"date":"2025-12-22","category":"cftc","headline":"Selig sworn in as CFTC chairman and sole commissioner","detail":"The Senate confirmed him Dec 18, and acting chair Pham departed.","jurisdiction":"US","sources":[{"label":"CFTC Release 9164-25","url":"https://www.cftc.gov/PressRoom/PressReleases/9164-25","primary":true}]},{"date":"2025-12-19","category":"industry","headline":"DraftKings Predictions launches; FanDuel Predicts follows Dec 22","detail":"The largest sportsbooks entered prediction markets, including in states without legal sports betting.","jurisdiction":"US","sources":[{"label":"NextPredict","url":"https://nextpredict.io/market-news/draftkings-launches-prediction-markets-product/","primary":false},{"label":"Covers","url":"https://www.covers.com/industry/fanduel-launches-prediction-market-sports-event-contracts-dec-22-2025","primary":false}]},{"date":"2025-12-03","category":"state","headline":"Connecticut orders Kalshi, Robinhood and Crypto.com to cease sports contracts","detail":"Kalshi countersued in federal court.","jurisdiction":"CT","sources":[{"label":"CoinDesk","url":"https://www.coindesk.com/policy/2025/12/03/connecticut-orders-kalshi-robinhood-crypto-com-to-cease-sports-betting","primary":false}]},{"date":"2025-11-25","category":"cftc","headline":"CFTC clears Polymarket US for intermediated U.S. trading","detail":"The same day, a Nevada federal judge dissolved Kalshi's injunction against state enforcement.","jurisdiction":"US","sources":[{"label":"CoinDesk","url":"https://www.coindesk.com/business/2025/11/25/polymarket-secures-cftc-approval-for-regulated-u-s-return","primary":false},{"label":"NGCB timeline","url":"https://www.gaming.nv.gov/about-us/press-releases-public-statements/timeline-of-nevada-gaming-control-board-ngcb-actions-against-prediction-markets/","primary":true}]},{"date":"2025-10-22","category":"league","headline":"NHL becomes first major league to partner with Kalshi and Polymarket","detail":"The NHL licensed data and marks for integrity and consumer-protection commitments.","jurisdiction":"US","sources":[{"label":"CNBC","url":"https://www.cnbc.com/2025/10/22/nhl-kalshi-polymarket-prediction-market-deals.html","primary":false}]},{"date":"2025-09-30","category":"cftc","headline":"CFTC staff issues sports event contract advisory, later withdrawn","detail":"Staff Letter 25-36 told DCMs to plan for state litigation risk; Quintenz's nomination was withdrawn the same day.","jurisdiction":"US","sources":[{"label":"Sidley","url":"https://www.sidley.com/en/insights/newsupdates/2026/02/us-cftc-signals-imminent-rulemaking-on-prediction-markets","primary":false},{"label":"CoinDesk (Quintenz)","url":"https://www.coindesk.com/policy/2025/09/30/white-house-withdraws-brian-quintenz-s-name-from-cftc-chair-nomination","primary":false}]},{"date":"2025-07-15","category":"federal","headline":"DOJ and CFTC close Polymarket investigations","detail":"No charges were filed; Polymarket bought QCX six days later.","jurisdiction":"US","sources":[{"label":"CNBC","url":"https://www.cnbc.com/2025/07/15/polymarket-investigations-doj-cftc-betting-market.html","primary":false}]},{"date":"2025-05-05","category":"cftc","headline":"CFTC drops appeal in Kalshi election-contracts case","detail":"The decision left election contracts available on CFTC-regulated exchanges.","jurisdiction":"US","sources":[{"label":"CNBC","url":"https://www.cnbc.com/2025/05/05/cftc-kalshi-election-betting-commodities.html","primary":false}]},{"date":"2025-04-09","category":"court","headline":"Nevada federal judge grants Kalshi preliminary injunction","detail":"The court barred Nevada from enforcing state gaming law against Kalshi; the injunction was dissolved in Nov 2025.","jurisdiction":"NV","sources":[{"label":"NGCB timeline","url":"https://www.gaming.nv.gov/about-us/press-releases-public-statements/timeline-of-nevada-gaming-control-board-ngcb-actions-against-prediction-markets/","primary":true}]},{"date":"2025-03-27","category":"state","headline":"New Jersey orders Kalshi and Robinhood to stop sports contracts","detail":"The Division of Gaming Enforcement cited the Sports Wagering Act ahead of NCAA tournament games in Newark.","jurisdiction":"NJ","sources":[{"label":"Covers","url":"https://www.covers.com/industry/new-jersey-gaming-cease-and-desist-kalshi-robinhood-march-27-2025","primary":false}]},{"date":"2025-03-04","category":"state","headline":"Nevada issues cease-and-desist to Kalshi","detail":"This opened the state enforcement wave against sports event contracts.","jurisdiction":"NV","sources":[{"label":"NGCB release","url":"https://www.gaming.nv.gov/siteassets/content/about/press-release/NGCB_-_News_Release_-_KalshiEX_Cease_and_Desist_Order__3-4-2025.pdf","primary":true}]},{"date":"2025-02-05","category":"cftc","headline":"Acting Chair Pham announces CFTC prediction markets roundtable","detail":"Pham called for breaking with the agency's 'past hostility to innovation.'","jurisdiction":"US","sources":[{"label":"CFTC Release 9046-25","url":"https://www.cftc.gov/PressRoom/PressReleases/9046-25","primary":true}]},{"date":"2025-01-23","category":"industry","headline":"Kalshi launches sports event contracts","detail":"Kalshi self-certified listings that the CFTC did not block, setting up the state-federal clash.","jurisdiction":"US","sources":[{"label":"SBC Americas","url":"https://sbcamericas.com/2025/01/23/kalshi-expands-sports-event-contracts/","primary":false}]}]}