After Kalshi Appeal, Prediction Markets Fight Could Head to Supreme Court
Cointelegraph
The Ninth Circuit Court of Appeals heard arguments regarding Kalshi's event contracts, potentially setting the stage for a Supreme Court battle over federal jurisdiction.Summary
The US Court of Appeals for the Ninth Circuit recently heard oral arguments in a legal dispute between the prediction market platform Kalshi and the state of Nevada. The case centers on whether Kalshi’s event contracts qualify as federally regulated "swaps" under the Commodity Futures Trading Commission (CFTC), or if they are subject to state gaming laws. Kalshi argues that federal oversight should preempt state-level enforcement to ensure consistency. Legal experts, including Coinbase chief legal officer Paul Grewal, suggest that the conflict between state gaming regulations and federal financial oversight may ultimately require a ruling from the US Supreme Court to resolve jurisdiction.
(Source：Cointelegraph)