US appeals court rules against Kalshi, says states can regulate prediction markets

T1Covered by 1 source · first reported by Economic Times — Tech / Technology / Startups / ETTelecom at 27 Sept, 14:34 UTC

The 6th US Circuit Court of Appeals said Kalshi has not shown that its sports event contracts are "swaps" that should be regulated exclusively by the federal Commodity Futures Trading Commission. It also said federal law did not preempt Ohio's or Tennessee's gambling laws.