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CFTC Sues Kentucky Over 14.25% Prediction Market Excise Tax

GateNews
Enforcement ActionsPrediction MarketRegulation & Policy
KALSHI30.15%
The U.S. Commodity Futures Trading Commission (CFTC) filed a lawsuit against Kentucky in federal court to block the state's crackdown on prediction market platforms Polymarket and Kalshi. The CFTC argues that prediction markets fall under its exclusive federal jurisdiction and that states cannot regulate or prohibit federally supervised platforms. CFTC Chair Mike Selig stated that Kentucky is the ninth state attempting to shut down federally regulated event contracts. The lawsuit also challenges Kentucky's recently enacted 14.25% excise tax on prediction market transaction fees, which the agency contends would make operations economically unviable in the state.
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