Prediction market Kalshi filed a lawsuit against the Nevada Gaming Control Board and the New Jersey Division of Gaming Enforcement after both state regulators sent cease and desist orders for the firm to pause all sports-related contracts in the states.
Kalshi’s legal team argued that the contracts fall under the jurisdiction of the Commodity Futures Trading Commission (CFTC) and, therefore, cannot be regulated by state-level authorities.
The team also contends that the cease and desist orders fail to recognize that Kalshi’s event contracts are two-sided markets that trade as swaps as opposed to the sports-betting book model where the house controls the market. Kalshi co-founder Tarek Mansour said:
“Prediction markets are a critical innovation of the 21st century, and like all innovations, they are initially misunderstood. We are proud to be the company that has pioneered this technology and stand ready to defend it once again in a court of law.”
Additionally, the Nevada Gaming Control Board sent Kalshi a cease and desist order for its election contracts, which a United States judge ruled were legal in September 2024 — allowing the contracts to trade freely in the US.
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Kalshi lawsuit against Nevada Gaming Control Board. Source: Kalshi
Massachusetts subpoenas Robinhood over sports prediction markets
CFTC commits to ending regulation by enforcement
On Feb. 4, acting CFTC director Caroline Pham issued a notice signaling a major regulatory pivot at the CFTC and ending regulation through enforcement actions, choosing to focus on fraud instead.
“The CFTC is strengthening its enforcement program to focus on victims of fraud, as well as remaining vigilant for other violations of law,” Pham said
This major change at the CFTC was welcomed by industry firms as a breath of fresh air following a torrent of regulatory lawsuits and enforcement actions under the Biden administration.
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The regulator also initiated a probe into Super Bowl event contracts offered by Kalshi and Crypto.Com on the same day the notice was sent out.
The goal of the CFTC’s probe was to ensure that the Super Bowl event contracts complied with existing derivatives laws in the US, and the CFTC ultimately took no action to ban the contracts.
Magazine: Train AI agents to make better predictions… for token rewards
A recent Review-Journal letter to the editor mischaracterized Sen. Catherine Cortez Masto’s Southern Nevada Economic Development and Conservation Act, also known as the Clark County Lands bill. As the former executive director of the Nevada Conservation League, I wholeheartedly support this legislation, so I wanted to set the record straight.
Sen. Cortez Masto has been working on this bill for years in partnership with state and local governments, conservation groups like the NCL and local area tribes. It’s true that the Clark County lands bill would open 25,000 acres to help Las Vegas grow responsibly, while setting aside 2 million acres for conservation. It would also help create more affordable housing throughout the valley while ensuring our treasured public spaces can be preserved for generations to come.
What is not correct is that the money from these land sales would go to the federal government’s coffers. In fact, the opposite is true.
The 1998 Southern Nevada Public Lands Management Act is a landmark bill that identified specific public land for future sale and created a special account ensuring all land sale revenues would come back to Nevada. In accordance with that law 5 percent of revenue from land transfers goes to the state of Nevada for general education purposes, 10 percent goes to the Southern Nevada Water Authority for needed water infrastructure and 85 percent supports conservation and environmental mitigation projects in Southern Nevada. This legislation has provided billions to Clark County and will continue to benefit generations of Southern Nevadans. Sen. Cortez Masto’s lands bill builds upon the act’s success.
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So here’s the good news: All of the money generated from land made available for sale under Sen. Cortez Masto’s bill would be sent to the special account created by the 1998 law. Rather than going to an unaccountable federal government, the proceeds would continue to help kids in Vegas get a better education, bolster outdoor recreation and modernize Southern Nevada’s infrastructure.
I know how important it is that money generated from the sale of public land in Nevada stay in the hands of Nevadans, and so does the senator. That’s why she opposed a Republican effort last year to sell off 200,000 acres of land in Clark County and other areas of the country that would have sent those dollars directly to Washington.
Public land management in Nevada should benefit Nevadans. We should protect sacred cultural sites and beloved recreation spaces, responsibly transfer land for affordable housing when needed and ensure our state has the resources it needs to grow sustainably. I will continue working with Sen. Cortez Masto to advocate for legislation, such as the Clark County lands bill, that puts the needs of Nevadans first.
LAS VEGAS (FOX5) — Nevada’s jobless rate is holding steady, but the state is still adding jobs.
A new report from DETR shows February’s unemployment rate unchanged at 5.3 percent, with the labor force growing by nearly 3,800 people.
MORE ON FOX5: Nevada unemployment rate rises to 5.3% in January
Nevada now has about 1.6 million nonfarm jobs, up 2.2 percent over the past year and 1,500 more jobs than in January.
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“This month’s report shows a strengthening labor market,” said David Schmidt, Chief Economist. ”Compared to the report for January, the pace of job gains in the past year increased from 1.9% to 2.2%, building on what was already the fastest pace of job growth in the country. While the unemployment rate remained stable, the labor force participation rate rose to 63.7%, 1.7 percentage points higher than the national level.”
Regional employment
In Las Vegas, employment ticked up by 1,100 jobs in February, about 0.1 percent, and is up more than 25,000 jobs compared to last year.
Reno added 1,000 jobs on the month, while Carson City shed about 200 but is still slightly above where it was a year ago.