Ninth Circuit Opinion Provided 'More Confusion Than Clarity,' Said Kalshi Board Member

Brian Quintenz, a Kalshi board member and former Commodity Futures Trading Commission commissioner, said the Ninth Circuit Court of Appeals decision ruling that sports prediction markets can be prosecuted as unlicensed sportsbooks created uncertainty for the company and its customers. Quintenz stated that prediction market regulation will likely reach the Supreme Court and that under existing law, events with financial, commercial, or economic consequences can have legally listed derivatives because they involve risk.

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