Law & Policy

The prediction market saga of the last year has finally come to a head. Crypto.com, Kalshi and Robinhood began to offer sports-based markets, and states responded with C&Ds. I guess they didn’t factor in the supremacy clause.

I talked with CoinDesk about this recently and made the case that Nevada bit off more than it can chew:

The prediction market saga of the last year has finally come to a head. Crypto.com, Kalshi and Robinhood began to offer sports-based markets, and states responded with C&Ds. I guess they didn’t factor in the supremacy clause.

I talked with CoinDesk about this recently and made the case that Nevada bit off more than it can chew: https://www.coindesk.com/policy/2025/04/09/kalshi-will-win-its-battle-with-nevada-crypto-attorney?utm_term=organic&utm_source=twitter&utm_content=editorial&utm_medium=social&utm_campaign=coindesk_main

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My view is that most of the complexity is closed in this specific case by CEA 2(a)(1)(a) granting CFTC exclusive jd. Hard for states to get around that — but I do wonder if they have standing for an APA claim arguing CFTC isn’t enforcing its own rules. No idea but will be interesting!

Will be interesting to see this play out, and whether it’ll impact more than just gambling/prediction markets. There are def state MTL regulators out there taking the position that broker dealers need MTLs for crypto custody and trading, because BDs aren’t explicitly exempt from state MTL statutory requirements.

/fieldway: eLearning on how to lead software teams

Leading the conversation on the future of money.

@wager here’s a good read for you, worth connecting with Aaron too.

@mstublefield.eth how can we get more @coindesk folks back here?