Kalshi сталкивается с разногласиями в судах: Девятый окружной суд поддержал право Невады регулировать прогнозные рынки

Blockonomi · 2026-08-29T06:14:44.000Z

Ключевые выводы Девятый окружной суд встал на сторону Невады, постановив, что штат обладает полномочиями регулировать спортивные контрактные предложения Kalshi в соответствии с государственным игорным законодательством Судьи пришли к выводу, что предложения Kalshi подпадают под категорию спортивных пари, а не «свопов», которые регулируются федеральным законодательством о товарных деривативах Это решение противоречит предыдущему постановлению, которое не позволило Нью-Джерси регулировать Kalshi, сформировав разногласия между федеральными апелляционными судами Комиссия по торговле товарными фьючерсами заявляет, что сохраняет исключительные полномочия над платформами прогнозных рынков, и раскритиковала трактовку суда

Key Takeaways
The Ninth Circuit sided with Nevada, determining the state has authority to regulate Kalshi’s sports event contracts under state gaming law
Judges concluded that Kalshi’s offerings qualify as sports wagers rather than “swaps” governed by federal commodities regulations
This decision contradicts a previous ruling that prevented New Jersey from regulating Kalshi, establishing a circuit split between federal appeals courts
The Commodity Futures Trading Commission maintains it holds exclusive authority over prediction market platforms and criticized the court’s interpretation
Industry observers and regulators anticipate the conflicting rulings will require U.S. Supreme Court resolution
In a significant setback for prediction market operator Kalshi, a federal appellate court has determined that Nevada possesses the authority to enforce its gaming regulations on the platform’s sports-related betting products. This judgment intensifies the regulatory scrutiny facing an industry experiencing rapid expansion while simultaneously confronting legal challenges across numerous jurisdictions.
LATEST:  The Ninth Circuit appeals court ruled sports-related event contracts from Kalshi, Crypto.​com and Robinhood aren't "swaps," rejecting their bid to block Nevada's gaming regulator from halting operations. pic.twitter.com/Yh2uhGOmLC
— CoinMarketCap (@CoinMarketCap) August 29, 2026
On Friday, the Ninth Circuit Court of Appeals delivered a unanimous opinion. The three-member judicial panel concluded that Kalshi failed to demonstrate that federal legislation prevents Nevada from enforcing its gaming statutes against the company’s sports event offerings.
The Court’s Reasoning
According to the appellate panel, Kalshi’s sports event products probably constitute sports wagering under Nevada’s statutory framework rather than “swaps” subject to federal oversight through the Commodity Exchange Act. This classification carries significant implications because swap transactions fall under the regulatory purview of the Commodity Futures Trading Commission.
The panel stated: “The CEA likely does not preempt Nevada’s gaming regulations as applied to Kalshi’s sports event contracts.”
In 2025, Nevada’s gaming authorities issued a cease-and-desist directive to Kalshi, demanding the platform discontinue its election and sports event contract offerings within state borders. Kalshi challenged Nevada’s action in court and sought an injunction to continue operations. A district court initially issued a temporary injunction in Kalshi’s favor before subsequently reversing that decision. The Ninth Circuit has now affirmed the district court’s reversal.
Following the initial cease-and-desist orders, Kalshi withdrew its services from Nevada and additional states that issued comparable regulatory demands.
Conflicting Federal Precedents Emerge
This appellate decision stands in stark contrast to an April ruling in which another federal court determined that New Jersey lacked authority to regulate Kalshi’s operations. These contradictory judgments establish what legal scholars term a circuit split.
The CFTC expressed strong disagreement with the Ninth Circuit’s legal analysis. Agency spokesperson Zach Fulton characterized the opinion as having “invented a new and atextual exception” to existing federal commodities legislation. He further noted that the matter now appears “teed up for resolution by the Supreme Court.”
CFTC Chairman Michael Selig has consistently asserted the commission possesses “exclusive jurisdiction” over prediction market platforms, including those offering sports-related contracts. The federal agency has initiated legal proceedings against multiple states to defend this jurisdictional claim.
Nevada Gaming Control Board Chairman Mike Dreitzer welcomed the appellate decision as vindication of the state’s position. “This is sports betting and needs to be properly regulated by the state,” he declared.
Kalshi contested the ruling through spokesperson Dani Lever, who stated the company maintains its position that federal regulations do not prohibit sports event contracts and noted the CFTC is working to provide regulatory clarity. The company indicated it would pursue additional legal review.
The American Gaming Association, representing established sportsbook operators, welcomed the appellate court’s decision. The trade organization characterized it as “a big loss for Kalshi and other backdoor sports gambling operations who defy state laws.”
Connecticut initiated fresh litigation against Kalshi this week, expanding the roster of pending state enforcement actions. Given the contradictory judicial conclusions now on record, Supreme Court intervention appears increasingly probable.
The post Kalshi Faces Circuit Split as Ninth Circuit Backs Nevada’s Right to Regulate Prediction Markets appeared first on Blockonomi.