News linked to both this project and an event.
According to court documents, the New York State Gaming Commission has filed a petition with the New York County branch of the New York State Supreme Court, asking the court to compel Kalshi to comply with an investigative subpoena issued on July 31 under Section 104(7) of the state's Racing Law. The subpoena concerns sports event contracts, business directed at users under 21, advertising that describes products as betting, and equity and corporate structure. The Commission said the move is intended to determine whether to impose civil penalties on Kalshi and other parties and the amount of such penalties; Kalshi has not yet publicly responded. Previously, the New York Attorney General and the Governor sued Kalshi on July 31, seeking at least $36 billion. Federal Judge Torres rejected Kalshi's request for a preliminary injunction on July 7; appellate courts are divided, with the Third Circuit supporting Kalshi and the Ninth and Sixth Circuits supporting state regulation.
Odaily reports: Prediction market platforms Kalshi and Polymarket expanded ahead of the US midterm elections in November, with combined monthly trading volume reaching $53 billion in July, more than double the $26 billion recorded in May, with trading concentrated primarily in sports.Political trading accounted for a relatively small share, with Polymarket averaging about $2 billion per month this year and Kalshi under $300 million; as of July, trading volume around which party controls the House and Senate had exceeded $30 million.The US Commodity Futures Trading Commission (CFTC) had previously prohibited Kalshi from listing congressional control contracts and at one point proposed classifying election contracts as gambling. The agency withdrew the relevant proposal in February and on June 10 published a structured event contract framework proposal that would not classify elections as gambling. Kalshi launched its Midterms Hub the same month, displaying traders' implied probabilities for individual districts alongside polling averages.Chuck Todd, former NBC News political director and former host of Meet the Press, will host the NEXTPredict summit in New York on October 22–23. He said he hopes to understand the extent to which pollsters and prediction markets need and influence each other, and whether trading is used for hedging or entertainment. Research by the Anti-Corruption Data Collective found that a $3,500 bet could move 97% of midterm election-related market prices by at least 5 cents; Morgan Stanley, after studying more than 72 million Kalshi trades, found that prices closely tracked outcomes. (Decrypt)
Odaily reports: Pump.fun announced on X that it has partnered with PreStocks to launch a Pre-IPO token trading service. Users can now trade tokens related to private companies on Pump.fun and use these tokens as trading pair assets to issue new tokens.The first batch of supported companies includes OpenAI, Anthropic, Anduril, Neuralink, Figure AI, Kalshi, Polymarket, and Oura, totaling 8 companies.This feature is powered by PreStocks. The related tokens are not equivalent to holding actual equity in the corresponding companies.
Pump.fun's official Twitter account (@Pumpfun) announced that Pump.fun has launched its PreStocks feature, allowing users to issue tokens on the platform and pair them with Pre-IPO tokens from companies including OpenAI, Anthropic, Anduril, Neuralink, Figure AI, Kalshi, Polymarket, and Oura, while also enabling direct trading of these Pre-IPO tokens. The feature is powered by PreStocks.
Odaily reports: Crypto.com's prediction market trading platform and Novig filed suit against Missouri officials in federal court last Friday, asking a judge to bar the state from taking enforcement action against their sports event contracts. Previously, Missouri Attorney General Catherine Hanaway sent cease-and-desist letters in September to six platforms, including both companies, requiring them to stop offering sports event contracts to state residents within 30 days or obtain a state license and pay a 10% tax. Crypto.com said the cease-and-desist letter was mistakenly sent to Foris DAX, Inc. rather than the trading platform itself; the Missouri Constitution only permits the issuance of two mobile sports prediction licenses, and both have already been granted, making obtaining a license unfeasible.The two platforms argue that the Commodity Exchange Act grants the CFTC exclusive jurisdiction and preempts state law. Kalshi, Polymarket, Robinhood, and Underdog, which also received cease-and-desist letters in September, had not filed suit in Missouri federal court as of Sunday. Because multiple U.S. federal appellate courts are divided on whether federal law preempts state regulation, Novig has asked the court to issue a preliminary injunction during the litigation to maintain the status quo.
Odaily reports: A survey covering 4,506 adults across the United States shows that most respondents oppose betting on U.S. elections and other government actions through prediction markets. 69% of Democratic respondents and 61% of Republican respondents opposed betting on election results. The survey was conducted from September 30 to October 5.The prediction market industry, driven by platforms such as Polymarket and Kalshi, allows users to bet on U.S. elections, changes in government policy, and sporting events. The related business has triggered multiple regulatory lawsuits between state governments and federal agencies.The survey shows that 43% of respondents oppose betting on professional sports events, while 29% expressed support. The administration of U.S. President Donald Trump is pushing for the industry to be regulated by the U.S. Commodity Futures Trading Commission (CFTC). 39 states and the District of Columbia have submitted amicus briefs, stating that the dispute between federal and state regulators has evolved into a nationwide jurisdictional conflict. (Cointelegraph)
Tarek Mansour, CEO of prediction market company Kalshi, said that if U.S. courts side with states claiming gambling regulatory authority over such businesses, Kalshi would be forced to move overseas.Despite two federal courts having ruled against its position, Tarek Mansour said he remains "quite confident" about Kalshi's legal standing in the United States. (CoinDesk)
a poll shows approximately 69% of Democrats and 61% of Republicans oppose using prediction markets to bet on U.S. elections, military actions, and policy announcements, with only 8% and 9% respectively supporting such betting. Respondents consider such markets unethical, socially corrosive, and potentially harmful to national security. The prediction market industry, led by Polymarket and Kalshi, continues to expand, and policymakers are concerned that related platforms may open new channels for insider trading and manipulation.
The NFL filed a brief with the U.S. Supreme Court supporting New Jersey's lawsuit against Kalshi, arguing that sports contracts on prediction markets face manipulation risks and lack effective oversight.
oracle network Pyth Network has released its Q3 business report, stating that as of the end of September, its active annual recurring revenue (ARR) reached $11.49 million, up 86.5% from the previous quarter, with net new ARR of $5.33 million in Q3.On the exchange side, the trading volume of real-world asset (RWA) perpetual contract markets powered by Pyth data reached $2.09 trillion in Q3, accounting for 94.1% of the total volume in related markets. In prediction markets, Pyth has provided data support for platforms such as Kalshi and Polymarket. Among them, Kalshi listed Pyth as the data source provider for its gold and silver perpetual contract markets in relevant regulatory filings. In the AI sector, Pyth is testing financial data infrastructure for AI agents with Exa, providing real-time prices, historical data, and candlestick data to enable AI systems to incorporate market information into analysis and decision-making.Additionally, Pyth DAO approved the "100% Rule," under which all future revenue the DAO receives from Pyth products will be used for open market buybacks of PYTH tokens. Compared to the previous practice of using only one-third of non-PYTH asset balances for buybacks, the allocation ratio has been increased threefold.
Odaily reports: Former New York Governor Andrew Cuomo, speaking at a panel discussion at Token2049 alongside OKX CEO Star Xu, said the crypto industry has overwhelmingly supported the Republican Party and has alienated the Democratic support needed to advance the CLARITY Act.During the 2026 election cycle, crypto-focused political action committees have spent $54.3 million supporting Republicans, $26.2 million supporting Democrats, and another $23.2 million opposing Democrats.As of Thursday, Kalshi prediction markets show Democrats have about a 61% chance of winning both chambers of the U.S. Congress. Cuomo said a Democrat-controlled Congress could roll back regulators' crypto policies or work with the Trump administration to advance a full CLARITY Act.Cuomo said Democrats are not opposed to crypto technology, which can help people who previously lacked access to financial products obtain related services. In July 2025, 78 House Democrats joined 216 Republicans in voting to pass the CLARITY Act. (Cointelegraph)
Odaily News: Prediction market platform Kalshi's 15-minute gold market recorded 542 million contracts traded in September, with estimated fees of approximately $5 million, surpassing the Ethereum market's 318 million contracts and $2.6 million; the Bitcoin market's estimated fees during the same period reached $60.4 million.The gold contract was launched in August, allowing traders to bet on whether gold would rise or fall within 15 minutes. Kalshi stated that its commodity trading volume reached $400 million within 7 months of launch, more than 4 times the trading volume of the crypto market during the same period.In the 7 days ending October 5, fees from 15-minute crypto, commodity, and financial markets reached $20.4 million, accounting for 80% of the platform's non-sports fees; this category of markets contributed 13% of trading volume and 20% of fees. (Cointelegraph)
According to Ariel Givner, Judge Pacold of the U.S. District Court for the Northern District of Illinois issued a ruling supporting a partial preliminary injunction in a lawsuit involving Coinbase, Kalshi, and the U.S. federal government/U.S. Commodity Futures Trading Commission (CFTC) against Illinois Attorney General Kwame Raoul, thwarting Illinois' attempt to classify sports event contracts on the prediction market platform Kalshi under the state's gambling regulations in its initial legal push.
According to CoinDesk, the U.S. Commodity Futures Trading Commission (CFTC) has submitted two proposed rules to the White House Office of Management and Budget (OMB): one would formally classify event contracts traded on platforms such as Kalshi, Polymarket, Crypto.com, and Robinhood under the regulatory definition of "swaps"; the other would explicitly exclude casino-style gambling products from the swaps category. This move aims to respond to recent federal court rulings—the Sixth and Eighth Circuits both ruled that Kalshi's sports-related contracts do not qualify as swaps and should be subject to state gambling regulations, while the Third Circuit upheld the CFTC's jurisdiction over prediction markets. With conflicting rulings across the circuits, the matter may ultimately need to be resolved by the U.S. Supreme Court. Currently, the CFTC comprises only one commissioner, Chair Mike Selig, with all related decisions made solely by him.
Odaily News: The U.S. Commodity Futures Trading Commission (CFTC) is investigating former U.S. Republican Congressman Adam Kinzinger for using a Kalshi account on a prediction market platform to bet on whether he would receive a presidential pardon. The trades occurred between December 2024 and January 2025.Kinzinger confirmed that he participated in contract trading related to his own pardon and whether Biden would issue a preventive pardon, stating that he made approximately 25 trades, with the majority resulting in losses overall, and that the related trading generated a profit of $823. He denied any wrongdoing, saying he did not possess non-public information. (Decrypt)
According to Cointelegraph, Kalshi has won a significant ruling from the U.S. Court of Appeals for the Sixth Circuit, allowing it to continue operating its event contracts business in Ohio and Tennessee.
Odaily News: The CFTC's Division of Market Oversight issued a staff advisory on September 22 stating that contracts tied to specific individuals' statements, appearances, or interactions are more susceptible to manipulation risks, requiring exchanges to explain protective measures on a contract-by-contract basis, including whether outcome determiners are bound by independent obligations, whether they may be subject to pressure, whether outcomes can be externally verified, and whether monitoring mechanisms are suited to the relevant risks.The document represents staff views and does not constitute binding rules, nor does it prohibit such markets. The CFTC also disclosed that a White House teleprompter operator once used early access to speech drafts to trade such contracts, earning $107,500; Kalshi subsequently still listed the relevant market and said it had responded to prior discussions with the CFTC.
Odaily reports: DoubleZero has launched a dedicated fiber market data service for decentralized exchange Hyperliquid, enabling professional trading institutions to obtain complete order book data via fiber optics rather than relying solely on public APIs.The service covers Hyperliquid's native perpetual contracts as well as markets operated by trade[XYZ], which provides perpetual contracts linked to assets such as crude oil, gold, and silver on Hyperliquid's infrastructure.DoubleZero's Edge market data service had previously integrated with Solana and prediction market Kalshi, making Hyperliquid the third platform to adopt the service. (Cointelegraph)
Odaily reports: The National Council of Legislators from Gaming States (NCLGS) has filed an amicus brief with the U.S. Supreme Court in support of the New Jersey Attorney General and gambling regulators' petition to hear their case against prediction market platform Kalshi. The petition seeks to clarify whether state governments or federal agencies have jurisdiction over prediction market companies.NCLGS stated that if the ruling favors Kalshi, states would be unable to regulate sports betting within prediction markets, potentially leading to regulatory confusion. The council believes that gambling-related matters should be handled by state regulators, and noted that casinos and other regulated entities may adjust their operations and products accordingly.New Jersey authorities filed a petition for a writ of certiorari on September 2, stemming from their appeal of a Third Circuit Court of Appeals ruling. Kalshi has not yet formally responded and must submit its position brief by November 9; the company has previously stated that it cannot be regulated separately by 50 different regulators. (Cointelegraph)
New Jersey has asked the U.S. Supreme Court to rule on whether sports prediction activities conducted by prediction markets such as Kalshi constitute illegal sports gambling. Previously, a federal appellate court upheld state regulatory authority, prompting more states and tribes to intervene in related litigation.