Kalshi can't be stopped in New Jersey. A 3rd US Circuit Court of Appeals panel ruled on Monday that New Jersey has no authority to regulate Kalshi's prediction market allowing people to bet on the outcome of sports events. That power rests with the Commodity Futures Trading Commission, the panel ruled 2-1. The CFTC is headed by President Donald Trump appointee Michael Selig, who vocally and actively supports prediction markets like Kalshi and Polymarket, calling them "exciting products." The Trump family agrees: Donald Trump Jr. is a paid adviser to Kalshi and an unpaid adviser to Polymarket, and Truth Social, which is run by the Trump Media and Technology Group, is set to start a prediction market of its own. Online prediction markets are an emerging phenomenon that allow users to bet on the outcome of basically anything, from local athletic competitions to lethal military invasions. Though they're new, these marketplaces have already shown evidence of insider trading on an extreme scale, with suspicious bets and big payouts tied to the US and Israel's military strikes in Iran, and also the US' brief invasion in Venezuela. According to blockchain analyst DeFi Oasis, fewer than 0.04 percent of Polymarket accounts captured more than 70 percent of profits, totaling $3.7 billion. Multiple state gaming regulators have filed legal challenges against Kalshi and Polymarket in recent months, and just last week the CFTC sued Arizona, Connecticut and Illinois over their attempts to regulate prediction markets. While each state has its own angle of attack, from election issues to underage betting, they're all broadly claiming that prediction markets are just illegal gambling businesses. Today's ruling marks the first federal-level decision in one of these cases and it's in favor of the prediction markets. New Jersey sent Kalshi a cease and desist letter in 2025, claiming the service violated the state's ban on collegiate sports betting. Kalshi escalated the situation and sued New Jersey, arguing that its sports contracts are actually swaps, a type of financial investment that's (conveniently) regulated by the CFTC. A lower-court judge previously sided with Kalshi, prompting New Jersey to appeal. Two of the three judges in that appeal ruled that Kalshi's sports-related event contracts were indeed swaps. Kalshi CEO Tarek Mansour called Monday's ruling "a big win for the industry." US Circuit Judge Jane Richards Roth dissented, writing that Kalshi's "offerings were virtually indistinguishable from the betting products available on online sportsbooks, such as DraftKings and FanDuel." New Jersey Attorney General Jennifer Davenport has the option to ask the full 3rd Circuit to rehear the case, and the issue is also pending in several other courts. This article originally appeared on Engadget at https://www.engadget.com/big-tech/new-jersey-has-no-right-to-ban-kalshis-prediction-market-us-appeals-court-rules-214448284.html?src=rss
Apple has run into "more issues than expected" with its foldable iPhone that may set back its release, according to Nikkei. The engineering problems reportedly cropped up during the device's early test production phase and may delay first shipments by months, according to multiple sources briefed on the matter. "The current situation could put the mass production timeline at risk," one of the sources said. "April will mark a crucial stage of the engineering verification test, and this month till early may is extremely critical." Component suppliers have supposedly been notified that the foldable iPhone's production schedule will be delayed, and Apple is working to address the problems. A foldable iPhone has been rumored since 2017, and Apple's biggest rival, Samsung, released its first one back in 2019. According to multiple sources, Apple was aiming to launch its debut foldable iPhone in fall 2026 alongside the iPhone 18. However, as we detailed in an explainer last month, "the project could slip into 2027 if Apple runs into manufacturing or durability issues, particularly around the hinge or display." Apple was reportedly prioritizing the foldable iPhone and other premium models for its September event this year due to constrained supplies of components like memory chips. However, the foldable's engineering issues could throw a wrench into those plans. "Apple and the supply chain are working under a pressured timeline and the current solutions are not enough to completely solve the engineering challenge... more time is needed," Nikkei's source stated. The problems reportedly arose during Apple's production verification tests. That's the fourth of six steps the company's new products must go through before shipping, prior to the key pilot production and mass production phases. Since the foldable would be an all-new design, it would have to pass each stage with flying colors before proceeding to the next. Though likely to account for less than 10 percent of iPhone production, the foldable will be a key product for Apple designed to boost interest in iPhones across its range. Apple reportedly plans to produce seven to eight million of the devices initially, Nikkei reported. Apple has not yet officially announced the device and declined to commented on the reported engineering issues. This article originally appeared on Engadget at https://www.engadget.com/mobile/smartphones/report-apples-foldable-iphone-may-be-delayed-due-to-engineering-snags-073813819.html?src=rss
