Meta prediction markets, CFTC lawsuits: live news updates

Today in prediction market news, we’re tracking the biggest developments across the industry in real time, including reports that Meta is exploring prediction markets, new legal challenges involving the Commodity Futures Trading Commission. Follow our live blog throughout the day for breaking updates, market reactions, and analysis from across the prediction markets, sports event trading, crypto, and regulated forecasting industries.

Live Updated 11 seconds ago

Former Kalshi counsel weighs in to CFTC argument

Suswati Basu 12:01 pm

Former Kalshi Chief Regulatory Officer and General Counsel Elie Mishory has defended the legitimacy of the CFTC's current one-member structure, arguing the agency is fundamentally chair-driven and would likely operate similarly with a full commission. His comments come as critics increasingly question the CFTC's authority amid ongoing prediction market litigation.

Mishory wrote a 14-paragraph LinkedIn post today explaining why it annoys him when people question the CFTC's ability to govern with four commissioner slots left empty. https://t.co/WODPYxl3Gt
— Dan Bernstein (@dan_bernstein_) June 23, 2026

Ohio backs Polymarket appeal

Suswati Basu 11:57 am

A closely watched legal battle over prediction markets took another turn overnight. Ohio Attorney General Andy Wilson has filed a recent Michigan federal court decision as supplemental authority in Polymarket’s Sixth Circuit appeal, arguing the ruling supports a broader federal preemption theory and could strengthen challenges to state-level restrictions.

Ohio's newly-appointed Attorney General Andy Wilson (@OhioAG) has filed the recent Michigan decision denying Polymarket's motion for preliminary injunction as "supplemental authority" in the Sixth Circuit appeal, says it raises "a comparable preemption theory." pic.twitter.com/sgSvRNglWf
— Daniel Wallach (@WALLACHLEGAL) June 23, 2026

FIFA’s prediction market problem

Suswati Basu 11:55 am

As prediction markets attract billions in trading volume around the World Cup, FIFA’s official prediction market partner is struggling to gain traction. According to Front Office Sports, Polymarket has handled roughly $3 billion in World Cup winner bets and Kalshi about $500 million, while ADI PredictStreet has generated just $57,000.

How much has been traded on prediction markets on the World Cup winner?

Polymarket - $3 billion
Kalshi - $500 million

On ADI PredictStreet, the official prediction market partner of the World Cup? Just $57,000. pic.twitter.com/GOdtDlOyIM
— Front Office Sports (@FOS) June 23, 2026

Meta prediction market rumor hits stocks

Suswati Basu 11:53 am

Shares of prediction market-adjacent companies slipped after reports that Meta is developing a forecasting app called “Arena.” While the project is reportedly focused on points-based predictions rather than real-money trading, investors appear to be weighing the competitive threat posed by Meta’s billions of users and vast distribution network.