That was not the case during a discussion on prediction markets at the National Council of Legislators from Gaming States (NCLGS) summer meeting in Louisville, KY.
Josh Sterling, a lawyer from Millbank and former Commodity Futures Trading Commission (CFTC) employee, represents both Kalshi and Crypto.com in their legal challenges to cease and desist letters from gaming regulators in a trio of states. His comments on a panel regarding prediction markets both gave insight into Kalshi’s legal position and ruffled some feathers in a room full of regulators and lawmakers who believe sports contracts are infringing upon their turf.
Sterling stands firm: sports trading is federal territory
While the gaming industry tries to define where the line between prospecting and gambling is, Sterling found the issue crystal clear.
“The line is drawn in Section 281, Title Seven in the U..