Another appeals court rules against prediction market provider Kalshi, says sports contracts are subject to state regulations

Crypto Insight Summary: A Sixth Circuit Court of Appeals panel ruled that prediction markets' sports-related events contracts are not swaps, and therefore aren't subject to federal regulatory oversight. Crypto Insight Analysis: Direction: Neutral Impact: No Impact Horizon: Short-term (1-3 days) Reasoning: Court ruling on prediction markets has no direct impact on crypto markets.