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Third Circuit

Narrative intelligence for Third Circuit: 1 tracked articles, claims, and spin patterns across AI and technology coverage.

SPIN Processed News Frame: The Shield

A US appeals court rules that Kalshi's sports contracts are not "swaps" subject only to CFTC regulation, allowing states to regulate them under gambling laws (Jonathan Stempel/Reuters)

A US appeals court ruled that Kalshi's sports-related prediction contracts are not federally regulated 'swaps' under CFTC jurisdiction, opening the door for state-level regulation—including as gambling—thereby undermining Kalshi's regulatory moat and business model.

Spin 40% Claim Present in Source

Techmeme

Sep 26, 2026

Related Claims

01 A US appeals court ruled that Kalshi's sports contracts are not 'swaps' subject only to CFTC regulation, allowing states to regulate them under gambling laws.

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