Kalshi Win in New Jersey Fight Hailed as Big Victory Over States

Kalshi won a victory in the battle over who gets to oversee fast-growing prediction markets, after a panel of judges told New Jersey state officials that the Commodity Futures Trading Commission regulates the platform.

The ruling marks a big moment for Kalshi, which has had mixed results arguing that it should be overseen by the CFTC rather than state regulators. But on Monday a federal appeals court agreed, with a 2-1 majority upholding a preliminary injunction against the state.

States have been amping up their fight against prediction markets, which allow customers to wager on issues ranging from geopolitical events ...