Courts Can’t Agree on Who Regulates Kalshi and Now the Supreme Court May Have to Step In

TLDR

• The Ninth Circuit Court of Appeals ruled against Kalshi, saying Nevada has the right to regulate its sports event contracts
• The court said Kalshi’s contracts are sports bets, not “swaps” under federal commodities law
• This conflicts with an April ruling that blocked New Jersey from regulating Kalshi, creating a circuit split
• The CFTC argues it has exclusive jurisdiction over prediction markets and says the court misread the law
• Legal experts and the CFTC say the U.S. Supreme Court will likely need to settle the dispute

A federal appeals court has ruled against prediction markets platform Kalshi, saying Nevada has the right to regulate its sports betting contracts. The decision adds more legal pressure to a fast-growing industry already fighting battles in multiple states.

LATEST: 🇺🇸 The Ninth Circuit appeals court ruled sports-related event contracts from Kalshi, Crypto.​com and Robinhood aren't "swaps," rejecting their bid to block Nevada's gaming regulator from halting operations. pic.twitter.com/Yh2uhGOmLC

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