A US appeals court recently supported Kalshi, a prediction market platform, by ruling that New Jersey cannot enforce state regulations against it. The court stated that only the CFTC, a federal agency, has the authority over such markets, clarifying regulatory oversight.

A recent decision by a federal appeals court clarified who oversees prediction markets. The court sided with Kalshi, a platform where users can bet on future events, preventing New Jersey from enforcing its own regulations. This ruling means that only the Commodity Futures Trading Commission (CFTC), a federal body, has the power to regulate these types of financial products. This decision is important for the crypto and Web3 space as it sets a clear boundary for state governments looking to impose their own rules on federally regulated markets.