New Jersey presses Supreme Court to decide who regulates prediction markets

New Jersey has asked the Supreme Court to decide whether prediction-market platforms like Kalshi and Polymarket should be governed by state gambling laws or federal regulators, potentially overturning a lower court ruling that the CFTC has exclusive jurisdiction. The case highlights a broader fight over cross‑state regulation of these markets, with Kalshi arguing for federal oversight and New Jersey contending that Congress did not immunize the sports-betting regime from state law. The outcome could reshape how prediction markets are regulated nationwide as courts continue to weigh Nevada and other state rulings alongside the ongoing CFTC framework.