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Prediction Markets in Legal Crosshairs | Albany News
Prediction markets like Polymarket and Kalshi are caught in a high-stakes legal battle between the Trump administration and states like New York, which accuses them of evading taxes and operating as illegal gambling platforms. Kalshi argues they’re legitimate financial contracts regulated by the CFTC, but New York insists they’re dodging state laws. The CFTC is pushing back, even suing states to maintain federal control — a move backed by President Trump himself. Meanwhile, legal experts question the administration’s motives, pointing to ties between Trump family members and these platforms…
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