9th Circuit says prediction markets are gambling no matter what you call the contract. Same logic that gets pointed at everything onchain.

https://www.coindesk.com/policy/2026/08/28/kalshi-takes-legal-blow-in-court-ruling-confirming-state-powers-over-prediction-markets

𝗙𝗼𝗿𝗲𝘅 & 𝗖𝗿𝘆𝗽𝘁𝗼 𝗙𝗼𝗿𝗲𝗰𝗮𝘀𝘁: 𝗔𝘂𝗴𝘂𝘀𝘁 𝟯𝟭 – 𝗦𝗲𝗽𝘁𝗲𝗺𝗯𝗲𝗿 𝟬𝟰, 𝟮𝟬𝟮𝟲 📊

https://v.redd.it/mb8ttzr8hamh1