Amit Kumar Das, BA LLB, National Law University Odisha ABSTRACT This paper provides a critical legal analysis of the rapidly evolving regulatory landscape governing prediction markets in the United States, focusing on the divergent paths of decentralized platforms like Polymarket and federally regulated exchanges like Kalshi. Historically, the Commodity Futures Trading Commission (CFTC) maintained a highly restrictive posture toward event contracts, routinely barring retail markets tied to...