Federal Appeals Court Rules Kalshi's Markets Under CFTC Oversight

A federal appeals court has ruled in a 2-1 decision that Kalshi's sports-related markets are subject to oversight by the Commodity Futures Trading Commission (CFTC), rather than New Jersey gambling law. According to NS3.AI, this decision upholds a preliminary injunction issued after New Jersey regulators sent Kalshi a cease-and-desist order last spring. The ruling bolsters Kalshi's position in an ongoing jurisdictional dispute that may ultimately be decided by the U.S. Supreme Court.