Former U.S. Solicitor General Submits Amicus Brief Supporting Kalshi on June 26, Outlines Three Key Arguments

KALSHI1.92%
According to PANews, on June 26, former U.S. Solicitor General Prelogar submitted an amicus brief on behalf of PredictAction to the Sixth Circuit Court of Appeals supporting Kalshi against state gambling regulations for prediction markets. The filing presents three core arguments: prediction markets aggregate dispersed information through price mechanisms, distinguishing them from traditional gambling; prediction market platforms match contract prices based on market supply and demand rather than profiting through odds manipulation like sports betting; and state gambling laws target perceived moral harms and local economic promotion rather than market functions such as price discovery, information aggregation, hedging, and manipulation prevention, making them misaligned with federal CFTC oversight of prediction markets.
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