Kalshi loses appeal, setting up potential Supreme Court case
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US lawmakers from gaming states urge SCOTUS to take up Kalshi case
The case between New Jersey authorities and a prediction market company, if accepted by the Supreme Court, could result in clarity for state and federal officials over sports bets.
Michigan authorities continue pursuit to block Kalshi as Supreme Court fight looms
Kalshi previously said it had been placed in an “impossible position” after federal authorities directed the company to ignore a Michigan restraining order issued in June.
New Jersey officials petition US Supreme Court over prediction markets
New Jersey’s Attorney General and gaming authorities filed a petition for a writ of certiorari to the US Supreme Court over Kalshi offering sporting event contracts to residents.
South Korea's Supreme Court plans to introduce procedures for the seizure and disposal of crypto assets, which are expected to be formally implemented in October.
According to Mars Finance, on July 6th, the South Korean Supreme Court proposed a draft amendment to its civil enforcement rules, aiming to establish procedures for the seizure, attachment, and liquidation of crypto assets, providing a clear legal basis for courts to enforce civil judgments involving cryptocurrencies. According to the draft, after a court issues a seizure order, the debtor will be immediately prohibited from disposing of the relevant crypto assets and must transfer the assets to a court enforcement officer. The seizure will officially take effect upon the officer's receipt. Regarding asset disposal, the court can directly transfer the crypto assets to the creditor according to the value determined by the court, or instruct the enforcement officer to sell the assets. The enforcement officer can transfer the assets to a dedicated account of a Virtual Asset Service Provider (VASP) for sale, or entrust a relevant platform to sell them on their behalf; if necessary, the assets can also be converted into more liquid cryptocurrencies such as Bitcoin before liquidation. Furthermore, the draft amendment clarifies preservation measures for crypto assets during litigation, including preliminary attachment and injunctions, to prevent debtors from transferring or concealing crypto assets. The South Korean Supreme Court stated that with the increasing number of civil cases involving crypto assets, it is necessary to improve the relevant enforcement rules. The draft will be open for public comment until August 11, and the revisions are expected to take effect in October this year.
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)
The U.S. Supreme Court ruled that the president can dismiss commissioners of independent agencies such as the SEC and CFTC at will.
PANews reported on June 30th that, according to CoinDesk, the U.S. Supreme Court ruled 6-3 that the president has the power to dismiss independent commissioners at will, overturning a 91-year-old judicial precedent. Several legal experts pointed out that this move will weaken the long-standing independence of regulatory agencies, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), alter the power balance between the president and financial regulators, and potentially affect the future regulatory decision-making structure for the financial and crypto asset markets.