The 6th U.S. Circuit Court of Appeals ruled against Prediction Market Kalshi, siding with Ohio and Tennessee on regulating sporting-event contracts under state law.
Prediction market Kalshi lost the appeal when a court ruled that Ohio and Tennessee could regulate sporting-event contracts under their state gambling laws.
6th US Circuit Court of Appeals governed by A three-judge panel unanimously sided with Ohio and Tennessee against Kalshi on Friday, finding that the prediction market failed to demonstrate its sporting-event contracts are “swaps” under the jurisdiction of the Commodity Futures Trading Commission (CFTC).
The ruling follows a similar finding by the 9th Circuit Court of Appeals last month, which overturned an April decision by the 3rd Circuit Court of Appeals that allowed the company to do business in New Jersey pending its appeals process.
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