Kalshi Ordered to Block Washington Bets After CFTC Backing

The timing is the story: a federal agency's backing did not shield Kalshi from a state court, underscoring that prediction markets sit in a jurisdictional gray zone where federal endorsement and state authority can point in opposite directions. The practical effect is a state-by-state patchwork, with Washington now closed to core Kalshi contracts. Whether other states read the ruling as a template, and whether the CFTC's support translates into any preemptive federal footing, is the open question worth watching.