US lawmakers from gaming states urge SCOTUS to take up Kalshi case
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Kalshi and other prediction market analysts are facing legal disputes in multiple US states, with North Carolina nearing the implementation of taxation measures.
Odaily Odaily reports that the prediction market industry, represented by Kalshi, is facing legal disputes in multiple US states and has argued in a series of court hearings this week that state regulators should not have jurisdiction. The legal disputes continue in Nevada and Michigan, with on-site arguments underway in Minnesota, and the case may also be appealed to the US Supreme Court. Meanwhile, North Carolina is close to imposing state taxes on prediction market revenue. (CoinDesk)
Crypto, Banks Take Clarity Act Lobbying Fight to Senators' Home States
Crypto advocates and community bankers are targeting lawmakers in their home states as the Senate prepares for a September 15 procedural vote.
Kalshi's application for a preliminary injunction in the Southern District of New York was rejected by the judge, and the case will now proceed to the motion for dismissal stage.
According to Foresight News , crypto journalist Eleanor Terrett tweeted that Judge Analisa Torres, who presided over the Ripple case, has once again become the focus of a major legal dispute. In the case of prediction market platform Kalshi in the Southern District of New York (SDNY), Judge Torres rejected Kalshi's application for a preliminary injunction, arguing that New York State betting laws apply to Kalshi's sports event contracts and that this law has not been superseded by the Commodity Exchange Act. This ruling means the case will enter the "motion to dismiss" stage. Legal experts have commented that this represents a major setback for Kalshi's lawsuit in the US financial center and could have a ripple effect on other related cases, particularly those in Connecticut and other SDNY jurisdictions.
Kalshi's trading volume hit a record high of $9.4 billion in June, with the World Cup driving a surge in prediction market trading.
According to Mars Finance, on July 5th, driven by the 2026 FIFA World Cup, the trading volume of the US prediction market platform Kalshi rose to approximately $9.4 billion in June, an increase of nearly 77% from approximately $5.3 billion in May, setting a new record. During the same period, Polymarket International's trading volume increased from approximately $3.5 billion to approximately $4.3 billion. Data shows that the World Cup has become the main catalyst for the growth in prediction market trading. As this World Cup expands to 48 teams for the first time, the number of matches and knockout stage scenarios has increased, driving active trading in single-match contracts. For example, the round of 16 match between Canada and Morocco saw trading volumes exceeding $48 million on Kalshi and $26.8 million on Polymarket. However, the rapid increase in trading volume has also further fueled regulatory controversy. Several US states continue to advocate that sports event contracts should be subject to betting regulations, rather than the derivatives market regulated by the US Commodity Futures Trading Commission (CFTC). Meanwhile, the European Securities and Markets Authority (ESMA) recently warned that some event-based contracts may fall under the existing regulatory scope of binary options. Analysts believe that the World Cup demonstrated the ability of prediction markets to attract liquidity during major events, but whether sports prediction contracts should be regulated as financial derivatives or betting remains a core regulatory issue for the industry.
Data: June forecast market trading volume surged, with Kalshi and Polymarket combined soaring 75% to $44.8 billion.
According to Mars Finance, as reported by The Block, Kalshi, Polymarket, and Polymarket US combined traded $44.8 billion in June, a 75% increase from $25.66 billion in May. Kalshi performed best, with a June trading volume of $31.5 billion, an 87.4% increase month-over-month; Polymarket's main platform traded $10.26 billion, a 45% increase; and Polymarket US traded $3.04 billion. The report indicates that this surge in trading volume is primarily due to the 2026 FIFA World Cup, which opened on June 11th. Kalshi's World Cup champion prediction market has already attracted over $832 million in bets.
Iran condemned the United States for violating the armistice memorandum and vowed to take necessary measures in response.
BlockBeats reports that on July 8, the Iranian Foreign Ministry issued a statement strongly condemning the US Treasury Department's revocation of sanctions suspending Iranian oil sales, calling the action a "serious violation" of Article 10 of the Islamabad Memorandum of Understanding signed on June 18, and demanding that the US be held accountable for the consequences. Iran stated that the US's cancellation of the authorization issued on June 21, less than 20 days after the memorandum's signing, further proves that the US is "unfriendly, unstable, and untrustworthy." Iran accused the US of violating the memorandum's contents through multiple actions against Lebanon, directly or through Israel, over the past 20 days. The Iranian Foreign Ministry stated that Iran has consistently fulfilled its commitments under the memorandum in good faith, and if the US continues to violate the agreement, Iran will take all measures it deems necessary to safeguard its national interests and security.