SEC is down for whatever right now too by the way
In ordinary times when the CFTC is just regulating things like pork belly futures, sure. But crypto and sports gambling are extremely politicized and red-coded now; Kalshi shouldn't expect the same sleepy regulation for them as for ordinary commodities.
Honestly I don't see their endgame. Even if they win these cases in court and fall under CFTC jurisdiction, that only matters if they have friendlies in the White House and the next administration will have knives out for them.
nobody in business cares that the people are married to “due process” to respect the edicts, versus some other governance structure. just delay and adapt is the whole game. the corporation is a conduit to flow revenue to board, executives and functionally shareholders (but dividends are now uncommon). The corporation can become a husk if it fails to adapt and that wont be the current people’s problem if they have extracted substantial wealth out before then
I think Nevada’s and Arkansas was also mentioned - I guess Arkansas is in the fifth circuit - those are more comprehensive and broad than New Jersey’s in the third circuit
Ultimately I expect Kalshi will have the swaps treatment reaffirmed, and the supremacy clause will override most of the state laws
But for Nevada and Arkansas residents it will be unworkable, and they will just block some forms of bets for residents in those states
otherwise Democrats are still without power to unilaterally pass laws
have their been any proposals to deal with this? bills that didnt make it out of committee?
something as simple as adding some contracts to the ban in the onion futures act I think is a mistake
https://www.cmegroup.com/markets/cryptocurrencies/bitcoin/bi...
https://www.fxcm.com/markets/insights/bitcoin-futures-produc...
DivingForGold•39m ago
ares623•34m ago
hnav•18m ago
mcmcmc•20m ago
paxy•18m ago
VanTheBrand•15m ago
kube-system•15m ago
But factually, SCOTUS does have authority over the application of the supremacy clause.
15155•9m ago
greeneggs•10m ago