New Jersey has no right to ban Kalshi's prediction market, US appeals court rules

Kalshi can't be stopped in New Jersey. A 3rd US Circuit Court of Appeals panel ruled on Monday that New Jersey has no authority to regulate Kalshi's prediction market allowing people to bet on the outcome of sports events. That power rests with the Commodity Futures Trading Commission, the panel ruled 2-1.  The CFTC is headed by President Donald Trump appointee Michael Selig, who vocally and actively supports prediction markets like Kalshi and Polymarket, calling them "exciting products." The Trump family agrees: Donald Trump Jr. is a paid adviser to Kalshi and an unpaid adviser to Polymarket, and Truth Social, which is run by the Trump Media and Technology Group, is set to start a prediction market of its own. Online prediction markets are an emerging phenomenon that allow users to bet on the outcome of basically anything, from local athletic competitions to lethal military invasions. Though they're new, these marketplaces have already shown evidence of insider trading on an extr