Polymarket and Kalshi Are Going Mainstream. The Supreme Court May Soon Decide If That Is Legal.

Are prediction markets a financial instrument or a gambling tool? Four experts. Four completely different answers. One battle heading to the Supreme Court. Joshua Sterling is a Partner at Milbank LLP and former Director of the CFTC's Market Participants Division, and the attorney personally representing Kalshi in prediction market lawsuits across the country. Patrice Kunesh is an Attorney, Former U.S. Commissioner of the Administration for Native Americans, and a Senior Fellow at the Brookings Institution who has called prediction markets an existential threat to tribal sovereignty and tribal economies. Karl Lockhart is a Law Professor at DePaul University specializing in prediction markets who takes a legal realist view that gambling markets and investing markets may not be as different as everyone thinks. Craig O'Sullivan is the Chairman of the Digital Assets Committee at the Hedge Fund Association tracking the explosive institutional adoption of prediction markets in real time. The Daily HodlU.Today Together they give the most complete and honest breakdown of this battle you will find anywhere. ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ They explain: ◼️ Why Minnesota just criminalized prediction markets and why Kalshi immediately sued to block it as unconstitutional ◼️ Why the Third Circuit sided with Kalshi and New Jersey is now petitioning the Supreme Court for review ◼️ Why Patrice Kunesh calls prediction markets an existential threat to the $40 billion a year tribal gaming economy ◼️ Why tribes spent decades negotiating gaming compacts with states and why prediction markets bypass all of that overnight ◼️ Why institutional trading volume on prediction markets increased 800% in just six months ◼️ Why Karl Lockhart says the gambling versus finance distinction may not matter as much as anyone thinks ◼️ Why Joshua Sterling says event contracts are swaps and courts are not as simple as saying something walks like a duck ◼️ Why Nasdaq Private Markets and Polymarket just struck a deal around the SpaceX IPO and what that means for prediction markets going fully mainstream The Motley Fool + 2 ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ [00:00] Intro [01:00] Where Every Legal Case Stands Right Now [03:00] Is This Heading To The Supreme Court? [05:00] The Tribal Sovereignty Argument Explained [07:00] Why Prediction Markets Threaten Tribal Economies [09:00] Sports Betting vs Prediction Markets: The Difference [12:00] Are These Gambling Tools Or Financial Instruments? [15:00] Why Institutional Volume Is Up 800% In Six Months [17:00] The Liquidity Problem For Institutions [19:00] What Happened To Native American Gaming After 2018? [22:00] What Is A Swap And Why Does It Matter Here? [25:00] What Happens If The Supreme Court Rules For The States? [28:00] The Kalshi Market Maker Debate [32:00] The Nasdaq Polymarket SpaceX IPO Deal [35:00] What Does 2027 Look Like For Prediction Markets? ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ Follow Joshua Sterling: Milbank LLP — https://milbank.com Follow Patrice Kunesh: Brookings Institution — https://brookings.edu Follow Karl Lockhart: DePaul University — https://depaul.edu Follow Craig O'Sullivan: Hedge Fund Association — https://hedgefundassoc.org ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ BeInCrypto: 🔗 More from BeInCrypto: 👉 Subscribe: https://www.youtube.com/@Beincrypto 👉 BeInCrypto: https://beincrypto.com 👉 X / Twitter: https://twitter.com/beincrypto 👉 Telegram: https://t.me/+U8DQNp4b8Gw3YmZi ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ #PredictionMarkets #Kalshi #Polymarket #CFTC #TribalSovereignty #GamblingOrFinance #SupremeCourt #PredictionMarketsDebate #HedgeFund #BeInCrypto