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US lawmakers propose ban on political, sports and other event contracts

Regulation

Representatives Blake Moore and Salud Carbajal introduced the bipartisan Event Contract Enforcement Act in the US, proposing that the CFTC prohibit public access to contracts tied to terrorism, assassinations, war, gaming, elections and government activities. The bill would let states opt out of the proposed ban on gaming contracts, which it defines to include live, simulated or virtual challenges and games of chance.

The proposal could change which sports and gaming event contracts prediction-market platforms may offer in each state.

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Ninth Circuit upholds Nevada ban on Kalshi sports event contracts

The US Court of Appeals for the Ninth Circuit unanimously rejected Kalshi’s broad interpretation of the Commodity Exchange Act and found that a district judge did not abuse his discretion in allowing Nevada to prohibit its unlicensed sports event contracts. Nevada Gaming Control Board chairman Mike Dreitzer said the ruling supported applying state gaming laws to products that function as sports wagers.

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