This week, the spotlight is on prediction market litigation as important hearings are set to take place in Michigan and Utah, with several significant filing deadlines approaching.
In Michigan, a federal judge will hear Coinbase’s request for a preliminary injunction against state officials on June 24. This hearing follows a recent decision where a Michigan federal judge denied similar requests for preliminary injunctions from Polymarket and Robinhood.
Additionally, another hearing is scheduled for June 25 in Michigan concerning the state’s lawsuit against Kalshi, where the court will evaluate the state’s motion to send the case back to state court.
On the same day, a federal court in Utah will consider Kalshi’s motion for a preliminary injunction against state enforcement actions. The outcomes of these hearings could significantly impact the future of prediction markets in these states.
Meanwhile, several filing deadlines are looming across Connecticut, Wisconsin, and Ohio. In Connecticut, the CFTC is responding to the state’s motion to dismiss its lawsuit, with a response due on June 24. Kalshi is also involved in various cases, including one with Ho-Chunk Nation, where it has until June 22 to reply to the tribe's response.
In Ohio, Kalshi’s appeal is ongoing, with a reply due on June 25. The CFTC and Kalshi are expected to argue that sports-event contracts fall under the agency’s jurisdiction and cannot be regulated by individual states.
In other news, Novig has received CFTC approval to function as a Designated Contract Market, and while a launch date hasn’t been announced yet, it could happen soon, following the recent launch of Prophet X.
Lastly, the fallout from Brendan Sorsby’s gambling case continues as he withdraws his lawsuit against the NCAA, effectively ending his college career and entering the NFL’s supplemental draft. This development follows a series of legal challenges surrounding his gambling violations.
In Indiana, regulators are set to discuss the NCAA’s request to eliminate college player prop bets during their Thursday meeting.