00:00We're getting some breaking news crossing the Bloomberg terminal. Arizona said it filed criminal charges against Kalshi for operating an
00:06illegal gambling business in the state.
00:08It's a significant escalation in the legal battles between Kalshi and several states that have accused the prediction market exchange
00:14of circumventing gambling laws.
00:16We've increasingly been talking about prediction markets on this program, and there is, in some cases, specifically polymarket that overlap
00:23with the blockchain.
00:24As somebody who looks out at early stage businesses and opportunities for investment, just curious about your thoughts on the
00:31regulatory picture when it comes to prediction markets and how we're seeing states respond versus the CFTC.
00:37Yes, well, I can't comment on the Arizona case in particular, but I can say Kalshi has, you know, gone
00:43to battle with the SEC and won.
00:47So I certainly think a lot of these questions need to be played out and answered at both the state
00:53and federal level.
00:55Overall, I think prediction markets have obviously caught the public's attention and become incredibly popular over the last couple of
01:02years.
01:02Obviously, people love kind of putting out their opinion on what is going to happen across sports, culture, you know,
01:11all kinds of different categories.
01:12So I would expect that, you know, the proper regulatory authorities should should find a way to make these markets,
01:23which obviously appeal to consumers accessible.
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