CFTC backs Kalshi and Polymarket in US prediction-market dispute

It was reported that the Ninth Circuit ruled in favour of tribal gaming interests a day after the Senate failed to advance the CLARITY Act. The outlet said the prediction market dispute remains unresolved at the CFTC.

Two California Tribes, Blue Lake Rancheria and Chicken Ranch Rancheria, persuaded the Ninth Circuit that their IGRA claim against Kalshi is likely to prevail, and the appellate court reversed the district court on the central legal questions. That outcome arrived one day after the Senate declined to move the Digital Asset Market Clarity Act (CLARITY Act) forward. The dispute now goes back before the district court in the Blue Lake matter, while the larger question of the Commodity Futures Trading Commission's (CFTC) authority remains open.