gg2
Prediction market news
Archived — this story has rotated out of today’s deck. It is kept here in full.
The gist
Gemini partners with Apex to expand prediction markets. Regulators and cities are challenging the legality of these platforms.
Background
Prediction markets, where users trade on event outcomes like sports or politics, are growing rapidly. Gemini's partnership with Apex aims to bring these markets to institutional investors, while regulators and local governments are scrutinizing their legality, with some calling them unlicensed gambling.
How it unfolded
- Aug 13, 2026Baltimore City Council sues Kalshi and Polymarket, alleging they operate as unlicensed sportsbooks.
- Aug 20, 2026CFTC's first Innovation Advisory Committee meets to discuss prediction market risks, including 'mention markets'.
- Aug 24, 2026Gemini announces partnership with Apex to expand its prediction markets business.
Who’s saying what
- Caution
- Baltimore Mayor Brandon Scott says Kalshi and Polymarket are 'running sportsbooks without licenses'.
- Support
- Gemini CEO Tyler Winklevoss says 'predictions are the future of markets' and supports expansion.
Still unverified
The lawsuit's claims that Kalshi and Polymarket mislead consumers about legality are unproven in court.