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Analysis frames prediction markets as the next enforcement target as federal and state positions clash

  • Analysis frames prediction markets as the next enforcement target as federal and state positions clash — Rakeback analysis describes the August CFTC emergency order instructing Kalshi to keep operating nationally despite a state position treating the activity as gambling, and cites scale figures including about 36.6 billion dollars in on-chain prediction market volume in the first quarter of 2026. (Rakeback)

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