New Jersey drags Supreme Court into prediction market regulation clash

Crypto Insight Summary: New Jersey has petitioned the US Supreme Court to allow states to classify prediction markets like Kalshi and Polymarket as gambling. The fight has been going on for two years now, and it’s getting to the Justices of the Supreme Court for the first time. The petition came in on Wednesday, and a ruling by... Crypto Insight Analysis: Direction: Bearish Kalshi / Bearish Polymarket Impact: Minor Impact Horizon: Short-term (1-3 days) Reasoning: Potential regulatory crackdown on prediction markets could reduce trading activity.