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Wisconsin Elections Commission warns election-market trades could violate voting law

Regulation

The Wisconsin Elections Commission warned that people who trade on election prediction markets and vote in the same election could violate state law. Its counsel concluded that trades on election markets offered by Kalshi and Polymarket count as bets or wagers under the statute, and commissioners voted to issue a public warning. Kalshi disputed the interpretation, while Polymarket said it would challenge the commission’s position through legal channels.

The commission’s interpretation could expose election-market users who vote in the same contest to legal consequences.

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Regulation

CFTC gives prediction markets 30 days to address state access blocks

The CFTC issued guidance saying state-based geographic restrictions generally conflict with impartial-access requirements for designated contract markets in the United States. It gave exchanges 30 days to remove conflicting blocks or explain to the Division of Market Oversight, with supporting evidence, why compliance is not feasible. The same framework applies to intermediaries and other entities providing market access.

The CFTC said state-based geographic restrictions on prediction markets are generally inconsistent with its impartial access rules, and gave operators and exchanges 30 days to lift them or explain why they cannot. The agency issued the guidance on Thursday as a formal interpretation of its impartial access requirements for designated contract markets. It said location alone should not be used to deny access to eligible participants within the United States.

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