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“It’s honestly been eye opening (in a bad way) to see how special interests work in our system” says the Head of Politics at Kalshi, which pays Donald Trump Jr. to sit on its advisory board and has spent over a million in lobbying over the past ~year. The government has just filed a lawsuit to intervene to protect Kalshi from several state regulators.

It’s honestly been eye opening (in a bad way) to see how special interests work in our system.  Kalshi and other regulated prediction markets are better for consumers and threaten gambling monopolies.  So casinos take their profits (which come directly from people’s losses) and use it to fund the state’s litigation to try and shut down their competition.  This is part of why so many people believe the government doesn’t work for them anymore
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mastodon · bluesky · your site

Read · Apr 3

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The CFTC (the US commodities regulator) has just sued Arizona, Connecticut, and Illinois for their efforts to "outlaw, regulate, or otherwise restrain" prediction markets like Kalshi.

This is another escalation by newly appointed CFTC chair Mike Selig (and sole Commissioner at the agency), who has taken it upon himself to assert the CFTC's sole regulatory authority over prediction markets. Recently, the CFTC filed a supporting brief in Crypto​.com's lawsuit against Nevada.

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mastodon · bluesky · your site

Read · Mar 31 · 2