US appeals courts rule on Kalshi sports contracts as EU reviews prediction markets
Italy's ADM is the focus of a report comparing US court rulings with the European Commission's MiCA consultation. The report says the Sixth Circuit ruled on 25 September that Kalshi's sports contracts were not swaps and that Ohio and Tennessee could apply their gambling laws; the Commission consultation asks whether blockchain-based prediction markets should fall under MiFID or MiCA.
The rulings and EU consultation frame whether prediction-market products face gambling rules or financial-market regulation.