Why the Case About Prediction Markets Is Headed for the Supreme Court

Description

The Ninth Circuit heard oral arguments on prediction markets last week — and the three-judge panel was skeptical of both the CFTC's federal preemption argument and the prediction markets' position. Katherine Kirkpatrick Bos, General Counsel at StarkWare, breaks down the legal structure of designated contract markets, why a Ninth Circuit loss combined with other circuit wins almost guarantees Supreme Court review, and what Judge Nelson's most pointed questions actually signal about how this panel has already decided. Jessi Brooks, General Counsel at Ribbit Capital, adds insider context on what aggressive judicial questioning means in practice. This clip is from a longer conversation covering the Ninth Circuit's prediction markets oral arguments, Amex's agentic commerce launch, and what DeFi needs to do before regulators decide for it. Full episode here: https://youtube.com/live/UGjB2ncMxbc We go live every Tuesday at 12:00 PM ET — subscribe to catch it live. Chapters 🏛️ 0:00 Background: DCMs, FCMs, and DCOs — the regulatory architecture of prediction markets ⚖️ 1:00 Why a Ninth Circuit decision carries more precedential weight than lower courts 🧑‍⚖️ 1:49 How the three Trump-appointed judges all seemed skeptical 💡 2:28 KK's read: neither Nevada nor the CFTC made their best arguments ⏳ 3:03 How long to get a Ninth Circuit opinion — and why 2027–2028 is the Supreme Court timeline 🤔 3:35 What pointed judicial questions reveal about how judges have already decided 🗣️ 4:28 Judge Nelson's most quotable moment: "This can't be a serious argument" _______________________________________________________ #bitcoin #ethereum #crypto #cryptocurrencies ++++++++++++++++++++++++++++++++++++++++++++++++ Subscribe to our channel! Website → https://unchainedcrypto.com Unchained Daily Newsletter (FREE!)→ https://unchainedcrypto.beehiiv.com/subscribe/ Unchained X → https://x.com/unchained_pod Apple → https://podcasts.apple.com/us/podcast/id1123922160?ls=1 Spotify → https://open.spotify.com/show/1cJrrfGY1SKBIRn5noKSAf?si=6SI4qIcRTEO7EhOe0V9n4w RSS Feed → https://feeds.megaphone.fm/LSHML4761942757 Unchained: Your no-hype resource for all things crypto!