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Appeals courts split over whether sports event contracts are swaps, putting prediction market regulation on a road to the Supreme Court, Foley and Lardner reports
- Appeals courts split over whether sports event contracts are swaps, putting prediction market regulation on a road to the Supreme Court, Foley and Lardner reports — Foley and Lardner reports federal appellate courts are divided on whether prediction market contracts are federally regulated derivatives or state-regulated gambling, with the Third Circuit backing Kalshi on preemption in New Jersey while the Ninth Circuit reached the opposite conclusion and the Sixth Circuit joined the Ninth on September 25 in cases from Ohio and Tennessee. Kalshi filed a petition for rehearing en banc in the Sixth Circuit on October 9, and multiple parties have filed petitions asking the Supreme Court to resolve the split. (Foley & Lardner)
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