A 90-day CFTC review clock is a moat: Kalshi and other registered DCM rails can pull sports liquidity onshore while unregistered onchain clones get stuck with geo-fences and enforcement risk. After the 2024 Kalshi court win, the agency is moving from blanket “gaming” fights to contract-level veto power over markets with obvious manipulation vectors like injuries, officiating, war and death. For DeFi builders, prediction markets now look less like a pure AMM problem and more like regulated oracle design plus surveillance.

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