Prediction markets inch closer to the Supreme Court: State of Crypto
New Jersey has petitioned the U.S. Supreme Court to determine whether sports-related prediction market contracts should be classified as gambling or federally regulated financial swaps. A potential ruling could force prediction market companies to comply with state-level licensing and tax requirements.
Why it matters
The outcome of this case could fundamentally reshape the regulatory landscape for the cryptocurrency and prediction market industries in the United States.
PS: I'll be at the Boston Blockchain Week conference this week. Around? Let's catch up.
You’re reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. Click here to sign up for future editions.
New Jersey filed for a writ of certiorari with the U.S. Supreme Court last week, asking the nation's high court to take up the issue of whether prediction markets' sports-related contracts are actually gambling products or federally regulated swaps products.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in