The US Court of Appeals for the Sixth Circuit unanimously ruled that prediction market Kalshi's sports wagers do not qualify as 'swaps' under CFTC jurisdiction, allowing states like Ohio and Tennessee to enforce their gambling laws against the platform. Even if the contracts were swaps, the Commodity Exchange Act does not preempt state gambling regulations. Kalshi operates without state gambling licenses or taxes despite offering sports bets nationwide.
- Source
- Ars Technica
- Published
- Sep 29, 2026 at 03:04 AM
- Score
- 6.0 / 10