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00:02A U.S. appeals court ruled against prediction market operator Kalshi on Friday,
00:07finding that Ohio and Tennessee can regulate its event contracts under state gambling laws,
00:12according to Reuters. The unanimous Sixth U.S. Circuit Court of Appeals decision
00:17deepens a split among federal appeals courts over whether states or the Commodity Futures
00:21Trading Commission have authority over prediction markets. The court said Kalshi failed to show
00:27its sports event contracts were swaps subject exclusively to CFTC oversight. The ruling
00:33vacated an injunction, blocking Tennessee from enforcing its gambling laws against Kalshi
00:38and upheld the denial of a similar injunction in Ohio. Kalshi said it expects the ruling to be
00:43overturned and argued that prediction markets need one nationwide federal regulator
00:47rather than different rules in each state. For all things money, visit Benzinga.com.
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