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Ninth Circuit Says Kalshi Sports Contracts Aren’t Swaps, Splitting With Third Circuit

The Ninth Circuit ruled Friday that Kalshi's sports event contracts are not swaps under the Commodity Exchange Act, clearing the way for Nevada to enforce its gaming laws against the prediction market. The decision turns...

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Ninth Circuit Says Kalshi Sports Contracts Aren’t Swaps, Splitting With Third Circuit
The Ninth Circuit ruled Friday that Kalshi's sports event contracts are not swaps under the Commodity Exchange Act, clearing the way for Nevada to enforce its gaming laws against the prediction market. The decision turns on a single question with large commercial stakes: if the contracts are swaps,... Read the full story at The Defiant

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Kalshi is showing up inside the Prediction Markets theme, so this story is worth tracking for follow-through rather than treating it as a one-off headline.

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