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Spotify purge removed 500,000 fake streams and forced betting fallout as a $3M Kalshi market settled early. Here is why mutable data now prices risk.
Read full articleKalshi appealed to the Second Circuit after a New York federal judge denied its request to block state gambling officials from enforcing local laws against its sports event contracts.
The post ‘Major loss’: New York Court rejects Kalshi’s injunction request appeared on BitcoinEthereumNews.com. Prediction market platform Kalshi has suffered a legal loss in New York. According to a court filing on the 7th of July, the firm was denied a preliminary injunction by Judge Analisa Torres of the Southern District of New York. Judge Torres maintained that gambling falls under the purview of local state oversight. The scope of laws regulating gambling and lotteries is clearly a matter of predominantly state concern. Additionally, Judge Torres clarified that federal law, the Commodity Exchange Act, does not preempt state gambling laws. Courts apply a presumption against preemption with respect to areas where states have historically exercised their police powers. Source: Court Listener She explained that such a presumption arises only when Congress legislates in a field traditionally governed by the states. In other words, federal authority applies only where Congress has
The surge in prediction market activity around esports highlights the growing intersection of gaming, crypto, and mainstream investment platforms. The post T1 beats G2 in game 3 as MSI 2026 prediction markets log millions in volume appeared first on Crypto Briefing.
The post Spotify Fraud Exposes Prediction Market Weak Spot appeared on BitcoinEthereumNews.com. The song hit No.1 on Spotify’s U.S. daily chart overnight. Then the floor dropped out. Spotify said it had yanked more than 500,000 artificial plays from Malcolm Todd’s “Earrings,” reshuffling the leaderboard after the fact and sending a chill through anyone betting on chart outcomes WIRED. Kalshi had already staked millions on which track would finish June on top. The market settled before Spotify finalized its purge. Payouts went one way. The data moved the other The Block (Bloomberg). One trader, Caleb Davies, flagged the jump as statistically absurd: a 70 percent weekend surge and an 11.24 sigma move — the kind of thing that basically never happens by chance — and that’s what kicked off the fraud review WIRED. The Big Picture: Mutable Data Meets Real Money Prediction markets love clean, public metrics. Sports scores. Election results. Economic prints. But chart rankings and streaming cou
The post Judge Who Ruled on Ripple XRP Just Dealt a Major Blow to Prediction Markets appeared on BitcoinEthereumNews.com. The post Judge Who Ruled on Ripple XRP Just Dealt a Major Blow to Prediction Markets appeared first on Coinpedia Fintech News Judge Analisa Torres, known for presiding over the landmark Ripple case, has ruled against prediction market platform Kalshi. This was a significant legal setback for the company. Torres denied Kalshi’s request for a preliminary injunction. She found that New York’s gambling laws as applied to Kalshi’s sports event contracts are not preempted by the Commodity … Source: https://coinpedia.org/news/judge-who-ruled-on-ripple-xrp-just-dealt-a-major-blow-to-prediction-markets/
The post Kalshi loses New York court bid over sports prediction markets appeared on BitcoinEthereumNews.com. Kalshi has lost a key early fight in its New York case over sports event contracts. Summary Kalshi lost a key New York injunction bid, leaving state gambling-law claims alive. Judge Torres found Kalshi had not shown CEA preemption likely protects sports event contracts there. The ruling adds pressure while Kalshi faces state lawsuits and fast sports-market growth nationwide too. Legal analyst Daniel Wallach said Judge Analisa Torres of the Southern District of New York denied Kalshi’s request for a preliminary injunction. The ruling means New York’s case can continue to the motion-to-dismiss stage instead of being blocked at the start. Wallach wrote that the decision was a major loss for Kalshi in the financial capital of the U.S. Crypto journalist Eleanor Terrett also noted that Torres, known for her role in the Ripple case, had returned to the center of another major legal fig
Kalshi loses NY injunction bid as Judge Torres says state gambling laws may apply to sports contracts despite CFTC oversight claims in case.
The post Judge Who Ruled XRP Not a Security in Ripple Case Hands Kalshi ‘A Major, Major Loss’ in New York appeared on BitcoinEthereumNews.com. Key Takeaways Judge Torres denied Kalshi’s injunction, ruling NY gambling laws aren’t preempted by the Commodity Exchange Act. The decision breaks with the Third Circuit’s April 2026 ruling that shielded Kalshi from New Jersey regulators. Kalshi posted a record $31 billion in June volume, raising the stakes as the case heads to motion-to-dismiss. Another Major Ruling From Torres U.S. District Judge Analisa Torres has denied prediction market exchange Kalshi a preliminary injunction against New York gaming regulators, Crypto in America journalist Eleanor Terrett reported. Torres found that New York’s gambling laws, as applied to Kalshi’s sports event contracts, are not preempted by the Commodity Exchange Act (CEA), the federal statute Kalshi has leaned on in courtrooms across the country. Image source: X The denial allows the case to proceed to t
