Overview
- New Jersey filed a petition for Supreme Court review on Sept. 4 asking justices to resolve conflicting appeals court rulings over Kalshi’s products.
- The Third Circuit held earlier this year that Kalshi’s sports‑event contracts likely qualify as federally regulated "swaps," which would give the Commodity Futures Trading Commission exclusive authority.
- The Ninth Circuit issued a unanimous ruling on Aug. 28 rejecting that reading and allowing Nevada to enforce state gambling law, creating a clear circuit split.
- The CFTC has taken emergency steps to preserve exchange operations and Kalshi says it will continue to seek further review while states press enforcement actions over licensing, taxes and underage protections.
- Several appeals and a state‑court case remain pending in other circuits and the Massachusetts high court, so a Supreme Court decision or further appellate rulings will shape access, consumer safeguards and state revenue outcomes.