Kalshi가 네바다 게임 규제 기관의 플랫폼 감독을 막을 수 없다고 연방 항소 법원이 판결한 후 미국 주 또는 CFTC(상품선물거래위원회)가 빠르게 성장하는 예측 시장 산업을 규제해야 하는지에 대한 새로운 논쟁이 나타났습니다.
Predictionmarkets platform Kalshi and the CFTC have said sports event contracts are "swaps" under the 2010 Dodd-Frank financial reforms, affording the agency oversight through its authority to regulate national swaps markets.
리플 CTO Emeritus David Schwartzengaged with an X post from sports betting and gaming lawyer Daniel Wallach, who argued that the CFTC's rulemaking is effectively "dead on arrival" because of the major-questions doctrine, which limits federal agencies from claiming broad powers without clear authorization from Congress.
Schwartz는 이 전제가 틀렸을 수 있다고 응답하면서 중심 질문은 더 좁다고 주장했습니다. 즉, 의회가 실제로 상장 거래 계약을 통해 도박을 규제할 권한을 위임했는지 여부입니다.
"This seems to be incorrect to me. The question is only whether Congress delegated the power to regulate gambling through 거래소-traded contracts. As Kalshi correctly points out, traditional sportsbook gambling is very different, "Schwartzwrote.
This seems to be incorrect to me. The question is only whether Congress delegated the power to regulate gambling through 거래소 traded contracts. As Kalshi correctly points out, traditional sportsbook gambling is very different. https: //t. co/EY6MKlq1Mx.
Explaining further what he meant, Schwartz stated that: "Of course Congress didn't intend to replace state-regulated sportsbook gambling with 거래소-traded products outside of state 규제. It meant to create a new, uniform federal framework for creating 거래소-traded products outside of state 규제. ".
Thelegal disputebegan in March 2025, when the Nevada Gaming Control Board sent Kalshi a cease-and-desist letter claiming that Kalshi's sports-event contracts constituted an unlicensed sports pool under state gaming law.
Kalshi argued that theCFTC's authority over swaps preempted Nevada's gaming rules.
On Friday, the 9th U. S. Circuit Court of Appeals in San Francisco upheld Nevada oversight of prediction markets. Circuit Judge Ryan Nelson said Kalshi's contracts have the hallmarks of sports betting, "a quintessential form of gambling" that the CFTC does not regulate.
Nelson은 "CFTC는 전국적인 도박 규제 기관이 아닙니다"라고 덧붙였습니다. "그러면 의회가 월스트리트 개혁 법안에 사용된 단어의 광범위한 정의를 기반으로 수십 년간의 신중한 도박 규제를 뒤집으려고 했다고 결론을 내리기는 어렵습니다. "
원문 제목: 'This Seems Incorrect': Ripple CTO Emeritus Slams Kalshi CFTC Argument
Fresh debate on whether U.
S.
states or the Commodity Futures Trading Commission (CFTC) should regulate the fast-growing prediction markets industry has emerged after a federal appeals court ruled that Kalshi cannot block Nevada gaming regulators from overseeing its platform.
Predictionmarkets platform Kalshi and the CFTC have said sports event contracts are "swaps" under the 2010 Dodd-Frank financial reforms, affording the agency oversight through its authority to regulate national swaps markets.
Ripple CTO EmeritusDavid Schwartzengaged with an X post from sports betting and gaming lawyer Daniel Wallach, who argued that the CFTC's rulemaking is effectively "dead on arrival" because of the major-questions doctrine, which limits federal agencies from claiming broad powers without clear authorization from Congress.
Schwartz responded that this premise might be incorrect, arguing that the central question is narrower: whether Congress actually delegated authority to regulate gambling through exchange-traded contracts.
"This seems to be incorrect to me.
The question is only whether Congress delegated the power to regulate gambling through exchange-traded contracts.
As Kalshi correctly points out, traditional sportsbook gambling is very different,"Schwartzwrote.
This seems to be incorrect to me.
The question is only whether Congress delegated the power to regulate gambling through exchange traded contracts.
As Kalshi correctly points out, traditional sportsbook gambling is very different.
https://t.
co/EY6MKlq1Mx.
Explaining further what he meant, Schwartz stated that: "Of course Congress didn't intend to replace state-regulated sportsbook gambling with exchange-traded products outside of state regulation.
It meant to create a new, uniform federal framework for creating exchange-traded products outside of state regulation.
".
Thelegal disputebegan in March 2025, when the Nevada Gaming Control Board sent Kalshi a cease-and-desist letter claiming that Kalshi's sports-event contracts constituted an unlicensed sports pool under state gaming law.
Kalshi argued that theCFTC's authority over swaps preempted Nevada's gaming rules.
On Friday, the 9th U.
S.
Circuit Court of Appeals in San Francisco upheld Nevada oversight of prediction markets.
Circuit Judge Ryan Nelson said Kalshi's contracts have the hallmarks of sports betting, "a quintessential form of gambling" that the CFTC does not regulate.
"The CFTC is not a national gambling regulator," Nelson said, adding that "it is difficult, then, to conclude that Congress intended to upend its decades of careful regulation of gambling based on broad definitions of the words used in a Wall Street Reform Bill.
".
