The future of the global derivatives market, a multi-trillion-dollar enterprise underpinning the smooth functioning of everything from air travel to international currency exchanges, could soon be decided in a Camden, New Jersey courtroom.
The court case in question turns on whether New Jersey’s casino regulator should be able to police Kalshi, which is a futures exchange where investors manage risk by hedging the outcomes of the Super Bowl, presidential elections, and other marquee events that generate economic activity. Why is this court case unnecessary? Because Kalshi is already fully licensed, supervised, and regulated by the Commodity Futures Trading Commission (CFTC), the same federal agency that oversees the rest of the futures industry.
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