By SectorWire desk ·
The report said that NCPG defended its partnership with Kalshi. The council had made Kalshi the first member of its Financial Services & Trading category and described prediction markets as gambling-like platforms.
The partnership brings a prediction market operator into NCPG’s membership structure.
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The dispute concerns whether states can apply gambling rules to sports-event contracts offered by federally regulated exchanges.
The findings bear on state challenges to Kalshi and Polymarket's position that their contracts fall exclusively under CFTC jurisdiction.
The analysis questions Kalshi’s explanation for concentrated activity in its ether perpetual contracts.
The new contracts allow partial settlement rather than requiring players to reach the full statistical target.
The dispute could affect whether prediction market operators face state gambling laws alongside federal oversight.
The denial challenges Kalshi’s account of a tribal partnership.