Los cruces regulatorios de los mercados de predicción: Oportunidades estratégicas para aquellos que se adelanten en un mercado estadounidense fragmentado.

The U.S. prediction market industry stands at a pivotal regulatory crossroads, with state-level crackdowns and federal oversight debates reshaping its trajectory. As platforms like Kalshi, Polymarket, and Crypto.com navigate a fragmented legal landscape, the sector's long-term viability hinges on its ability to align with federal frameworks while resisting state-level fragmentation. For investors, this dynamic environment presents both risks and opportunities, particularly for early movers who have already secured regulatory footholds or are adapting to evolving compliance demands.

State-Level Pressures and the Push for Federal Preemption

Tennessee's recent actions against prediction markets exemplify a broader trend of state regulators challenging the legality of event-based trading platforms. The Tennessee Sports Wagering Council (SWC) has argued that platforms such as Kalshi and Robinhood operate as unlicensed wagers under the state's Sports Gaming Act, bypassing critical consumer protections like restrictions on cryptocurrency funding and responsible gambling measures according to Rocky Top Insider. While Tennessee has not yet issued direct cease-and-desist orders, its engagement with the Commodity Futures Trading Commission (CFTC) reflects a growing coalition of states seeking to assert jurisdiction over prediction markets.

This state-level resistance is not isolated. New York's proposed ORACLE Act and Pennsylvania's legislative hearings highlight a national push to impose structured oversight, including age restrictions and prohibitions on certain market types as state capital reports. These efforts underscore a fundamental tension: states view prediction markets as extensions of gambling, while federal regulators like the CFTC classify them as derivatives under federal law. Legal battles, such as those involving Kalshi and Crypto.com in Nevada, New Jersey, and Maryland, have further muddied the waters, with outcomes potentially determining whether the industry operates under federal preemption or state-specific rules according to I-Gaming Business.

Industry Consolidation and the Rise of CFTC-Compliant Models

The regulatory uncertainty has accelerated industry consolidation, with platforms either adapting to CFTC oversight or exiting the U.S. market. Kalshi, for instance, has positioned itself as a model for compliance by securing CFTC approval as a Designated Contract Market (DCM) and defending its operations in federal litigation as Wealth Management reports. Its reported $331 million in trading volume in December 2025 underscores the financial viability of a CFTC-regulated model according to Front Office Sports. Meanwhile, Polymarket faced enforcement actions for operating unregistered markets but restructured under a registered intermediary and acquired QCEX, a CFTC-licensed derivatives exchange, to align with federal standards as KPMG notes.

Crypto.com's strategy has focused on leveraging its CFTC-regulated subsidiary, CDNA, to offer compliant prediction markets with institutional-grade liquidity and risk management systems according to Crypto.com research. These moves reflect a broader industry shift toward federal alignment, as platforms seek to avoid the reputational and operational risks of state-level conflicts. For investors, this consolidation suggests that only a handful of players-those with robust regulatory infrastructure and financial backing-will dominate the market in the long term.

Lobbying and Coalition-Building: A Path to Unified Regulation

To counter state-level fragmentation, major players have formed the Coalition for Prediction Markets (CPM), a lobbying group advocating for a consistent federal framework as Wealth Management reports. The CPM emphasizes the economic and civic value of prediction markets, arguing that they democratize financial participation and provide real-time insights into political and economic trends according to KuCoin analysis. This coalition-driven approach aims to preempt state-level overreach by pushing for nationwide standards, a strategy that could ultimately benefit early adopters like Kalshi and Crypto.com.

The CPM's success will depend on its ability to sway policymakers and the CFTC. If federal regulators affirm their oversight role, the industry could see a surge in institutional investment and mainstream adoption. Conversely, if states continue to assert jurisdiction, the market may splinter into a patchwork of conflicting rules, favoring platforms with localized compliance strategies.

Investment Implications for Key Players

For investors, the regulatory crossroads present a clear dichotomy: platforms that embrace CFTC compliance and coalition-driven lobbying are better positioned to thrive in a federalized market. Kalshi's early CFTC approval and legal defenses make it a prime candidate for long-term growth, particularly if the CFTC solidifies its regulatory authority. Polymarket's restructuring and acquisition of QCEX demonstrate adaptability, but its reliance on third-party intermediaries introduces operational risks. Crypto.com's CFTC-regulated infrastructure and institutional partnerships offer a compelling value proposition, especially as the sector attracts traditional financial players.

However, the path to dominance is not without challenges. Legal battles and state-level resistance could delay clarity, creating volatility for investors. Yet, the broader trend toward consolidation and federal alignment suggests that early movers with regulatory agility will capture significant market share.

Conclusion

The prediction market industry is at a defining moment, with regulatory pressures and industry consolidation shaping its future. While state-level crackdowns pose immediate risks, they also accelerate the push for federal preemption-a scenario that favors CFTC-compliant platforms. For investors, the key lies in identifying companies that have not only navigated regulatory hurdles but have also positioned themselves as architects of the industry's next phase. As the CFTC and state regulators continue to clash, the winners will be those who align with federal frameworks and leverage coalition-driven lobbying to redefine the market's boundaries.