Everyone wants SCOTUS to take up prediction markets: State of Crypto
Summary
A Supreme Court case could determine whether sports prediction-market contracts are federally regulated swaps or gambling products subject to state laws. Amicus briefs from former Senator Chris Dodd, former CFTC Chair Gary Gensler, the NFL, 39 states, the District of Columbia and 145 tribal nations urged the court to take the case, with many arguing for state authority. The dispute follows conflicting appellate rulings. Separately, the CFTC proposed rules asserting that event contracts—including those tied to sports, politics, culture and weather—fall within its swap jurisdiction, while casino-style gambling does not. Kalshi’s response deadline to the Supreme Court was extended to November 9, 2026.
