Ninth Circuit holds that Kalshi unlikely to succeed on claim that Commodities Exchange Act displaces state and tribal gaming laws

Wenona Singel

From the opinion:

We are “reluctant to read into ambiguous statutory text” a “radical or fundamental change” to that longstanding statutory scheme. Congress did not take a wrecking ball to all sports gambling regulations built up over decades by federal, state, and tribal governments when it amended the CEA to add the definition of swap we are considering today.

Additional Resource

Prediction Market Litigation Tracker by Mick Bransfield