#BinancePickAndWin
An industry coalition including Kalshi and Polymarket has filed a lawsuit seeking to stop Kentucky from imposing a 14.25% transaction tax on prediction markets.
According to Odaily, the tax was passed by the Kentucky legislature in April this year and applies a 14.25% consumption tax to transaction fees charged by prediction market operators.
The lawsuit describes the measure as the first state-level tax in the United States specifically targeting the prediction market industry.
The plaintiffs, operating under the name Fair Markets Alliance, argue the tax is discriminatory and unconstitutional, and may be preempted by federal law. The filing also says prediction markets are being subjected to a higher tax burden that is unfair and could distort competitive conditions.
An account described by the market as an agent for the so-called “1011 insider whale” has placed six ZEC limit buy orders at $409.12, according to on-chain monitoring data.
According to ChainCatcher, public data shows the account linked to Garrett Jin holds a 5x leveraged long position of about 1,268.33487 BTC and a 2x leveraged long position of about 50,013.17 ZEC.
Based on current market prices, the account’s combined positions were showing an unrealized loss of about $15.4 million, with an ROI of roughly -57%, the report said.
An industry coalition including Kalshi and Polymarket has filed a lawsuit seeking to stop Kentucky from imposing a 14.25% transaction tax on prediction markets.
According to Odaily, the tax was passed by the Kentucky legislature in April this year and applies a 14.25% consumption tax to transaction fees charged by prediction market operators.
The lawsuit describes the measure as the first state-level tax in the United States specifically targeting the prediction market industry.
The plaintiffs, operating under the name Fair Markets Alliance, argue the tax is discriminatory and unconstitutional, and may be preempted by federal law. The filing also says prediction markets are being subjected to a higher tax burden that is unfair and could distort competitive conditions.
An account described by the market as an agent for the so-called “1011 insider whale” has placed six ZEC limit buy orders at $409.12, according to on-chain monitoring data.
According to ChainCatcher, public data shows the account linked to Garrett Jin holds a 5x leveraged long position of about 1,268.33487 BTC and a 2x leveraged long position of about 50,013.17 ZEC.
Based on current market prices, the account’s combined positions were showing an unrealized loss of about $15.4 million, with an ROI of roughly -57%, the report said.