In the final episode of our special 12 Days of Regulatory Insights podcast series, Regulatory Oversight co-host Stephen Piepgrass sits down with Partner Ghillaine Reid — co-leader of the firm’s securities investigations and enforcement team and a former SEC New York Regional Office branch chief and staff attorney — to assess how shifts in SEC leadership and composition are reshaping rulemaking and enforcement.
In early December 2025, federally regulated derivatives exchange KalshiEX LLC filed suit in the U.S. District Court for the District of Connecticut challenging a cease-and-desist order issued by the Connecticut Department of Consumer Protection (DCP) directing Kalshi to halt operations in the state. The DCP contends that Kalshi, along with platforms such as Robinhood and Crypto.com, operates an unlicensed and illegal sports betting platform in violation of Connecticut law. According to the agency, Kalshi’s sports event contracts fall squarely within the state’s definition of sports wagering and expose consumers to risk because they operate outside Connecticut’s regulated gaming framework, lack required integrity controls, and are not subject to consumer protection oversight. Connecticut officials have emphasized that “a prediction market wager is not an investment,” and that Kalshi’s platform offers no recourse for consumers under state law if disputes arise.
In this episode of our special 12 Days of Regulatory Insights podcast series, Stephen Piepgrass is joined by Cole White from our RISE Practice Group’s gaming team for a timely, candid conversation on integrity risks and regulatory trends reshaping the legal gaming landscape.
In this episode of our special 12 Days of Regulatory Insights podcast series, Stephen Piepgrass sits down with partner Mike Yaghi of the RISE practice group and State Attorneys General (AG) team to explore how businesses can strategically engage with the Better Business Bureau (BBB) to build consumer trust, bolster reputations, and reduce regulatory risk.
Many prediction market firms have sought to avoid state regulation by emphasizing how their services differ from traditional sports betting. They characterize their offerings as “event contracts” or “swaps,” which are only subject to Commodity Futures Trading Commission (CFTC) oversight and note that they operate peer‑to‑peer exchanges, earning revenue from transaction fees rather than customer losses. Many state regulators have disagreed with this argument, however, asserting that event contracts cannot be distinguished from state-regulated gaming. Federal courts in various states have reached different conclusions on this issue. A Nevada federal court has now weighed in, ruling that some of these services fall under state gaming law.
The Commodity Futures Trading Commission (CFTC) approved a plan submitted by commodities futures trading platform Polymarket to resume limited U.S. operations through a registered intermediary. The approval permits the platform to offer select real money event contracts within a federally supervised structure.
The National Collegiate Athletic Association (NCAA) has abruptly reversed a recently approved rule change that would have permitted college athletes and athletic department staff to bet on professional sports. Under a rarely used override process, more than two-thirds of Division I member schools voted within a 30-day window last month to rescind the proposal. The threshold was reached on November 21, nullifying the rule change before it could take effect. As a result, the longstanding ban on sports wagering by NCAA student-athletes and staff remains in place across all three NCAA divisions. However, even if the rule had been implemented, college athletes and athletic department staff would still have been barred from betting on any NCAA contests, as the rescinded change only concerned wagering on professional sports. The vote to revoke the new rule underscores the NCAA membership’s cautious stance amid an evolving sports betting landscape.
On November 18, two prominent sports wagering and fantasy sports operators announced that they are leaving the American Gaming Association (AGA). The AGA is the leading trade group for casinos, gaming manufacturers, and sportsbooks. The split follows the AGA’s recent announcement of its firm stance against “prediction markets” and a forthcoming resolution to exclude companies that offer them. Prediction markets include platforms that allow individuals to trade on the outcomes of future events — whether sports-related or not.
In this episode of Regulatory Oversight, Stephen Piepgrass is joined by RISE partner Chris Carlson and New Jersey First Assistant Attorney General (AG) Lyndsay Ruotolo for a deep dive into the unique structure, scope, and impact of the New Jersey Office of the Attorney General (OAG). Lyndsay shares how her career in prosecution, county leadership, and federal service shaped a broad, modern view of public safety — one that spans criminal justice, consumer protection, health, and community well-being.
In this episode of Regulatory Oversight, Stephen Piepgrass is joined by Zack Condry, co-founder of Watermark Strategies, to analyze the evolving landscape of crisis management and the critical role of strategic communication in navigating complex issues. They explore effective communication strategies, public relations, and the evolving role of AI in managing crises. Zack shares insights from his extensive experience in corporate communications and public affairs, from his background managing political campaigns to his current work developing digital strategies for high-profile clients.