Onchain prediction market Kalshi has filed lawsuits against gaming regulators in Nevada and New Jersey after receiving cease and desist orders for its sports event contracts. Apparently, offering a platform for people to hedge against market risks is a big no-no in the land of the free.
Kalshi argues that their event contracts are distinct from traditional gambling, but regulators remain unconvinced. Perhaps if they rebranded as a memecoin casino, they'd receive a warmer welcome.