Regulatory uncertainty = liquidity discount; for related projects, it's best to maximize the legal budget first.

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CryptoFrontier
CFTC Sues New York as 38 AGs Back Kalshi Prediction Market Ban
The U.S. Commodity Futures Trading Commission sued New York on Friday to block state enforcement against CFTC-registered prediction market exchanges, escalating a multi-front legal battle hours after 38 state attorneys general filed a brief in Massachusetts supporting a preliminary injunction agains
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