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Prediction market litigation is split across three appeals courts, with the Third Circuit backing Kalshi against New Jersey while the Ninth and Sixth Circuits side with the states, Foley and Lardner reports
- Prediction market litigation is split across three appeals courts, with the Third Circuit backing Kalshi against New Jersey while the Ninth and Sixth Circuits side with the states, Foley and Lardner reports — Foley and Lardner says federal appeals courts are divided on whether sports event contracts are swaps under the Commodity Exchange Act: the Third Circuit affirmed a preliminary injunction against New Jersey in KalshiEX v. Flaherty, while the Ninth Circuit reached the opposite conclusion and the Sixth Circuit joined it on September 25, 2026 in the consolidated Ohio and Tennessee appeals. Kalshi filed a petition for rehearing en banc in the Sixth Circuit on October 9, 2026, and the firm maintains a litigation tracker as the cases move toward a possible Supreme Court test. (Foley and Lardner)
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