Michigan faces lawsuits as states and Congress pursue prediction-market measures
Michigan Attorney General Dana Nessel sued Kalshi in state court, seeking to stop it offering sports event contracts in the state; Polymarket and Kalshi partner Robinhood then filed federal suits against Michigan. Separately, lawmakers introduced proposals targeting prediction-market trading by federal officials and contracts tied to war, gaming and elections, while Illinois lawmakers filed a bill proposing licensing and taxation. The CFTC submitted proposed new rules for White House review.
The lawsuits and proposals could change where prediction-market companies can operate and how their contracts are regulated.