3-0 Ninth Circuit Rules Kalshi Sports Bets Aren't Swaps, Deepening Circuit Split
A unanimous Ninth Circuit panel ruled that Kalshi's sports event contracts are not swaps under the Commodity Exchange Act, affirming Nevada's authority to enforce state gaming laws. The decision directly conflicts with the Third Circuit's New Jersey ruling, raising the odds of Supreme Court review.
Source: Ars Technica · Jon Brodkin (US)