Platforms & regulators

Kalshi loses appeal, setting up potential Supreme Court case

The Sixth US Circuit Court of Appeals sided with Ohio and Tennessee in a dispute over the right to regulate sports-event contracts on prediction platform Kalshi, potentially setting up a Supreme Court case.

The ruling confirms that sports-event contracts fall under state regulation, not only federal oversight.

For beginners When courts disagree over whether a federal regulator or individual states should oversee a new financial product, the dispute often reaches the highest court, and the final ruling sets the rules for the whole industry.