Kalshi sued the state of Arizona recently in U.S. District Court, naming Attorney General Kris Mayes and Arizona Department of Gaming officials as defendants. The prediction market exchange argues that the Commodity Exchange Act gives the CFTC exclusive jurisdiction over its event contracts, and that state enforcement would violate federal preemption.Mayes wasn’t deterred. Just days later, she filed 20 criminal counts.What HappenedMayes’ office appears to have placed a series of small bets on Kalshi from Ar ...

kalshi hit $868m single-day volume and the fed paper showed it outperformed fed funds futures on every FOMC meeting since 2022. tradeweb integrated it across $2.6t daily fixed income flow. but 96% of volume is sports and nevada just ruled those contracts illegal gambling. march 1 enforcement deadline is the binary. federal preemption wins and this is the CME of event contracts. states win and $11b valuation becomes $750m fire sale. watching nevada courts not the volume numbers ...

Coinbase Slams 'Patchwork' State Crypto Laws, Calls for Federal Preemption► https://t.co/UKFDTUe72M https://t.co/UKFDTUe72M ...