New Jersey has petitioned the Supreme Court to allow states to regulate sports betting on prediction markets like Kalshi, challenging a 3rd Circuit ruling that placed such bets under exclusive federal CFTC jurisdiction as 'swaps.' A conflicting 9th Circuit decision classifying the same activity as gambling has created a circuit split that significantly raises the odds of Supreme Court review, with billions in regulatory control at stake.
- Source
- Ars Technica
- Published
- Sep 4, 2026 at 03:42 AM
- Score
- 7.0 / 10