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The U.S. court rules that New Jersey does not have the authority to restrict Kalshi's sports prediction contracts.
ME News, April 7 (UTC+8): the U.S. Court of Appeals for the Third Circuit ruled that Kalshi’s offering of sports-related event contracts in New Jersey is not subject to state gambling regulation, confirming that federal oversight takes precedence. In a 2-1 decision, the court held that trading on designated contract markets (DCMs) regulated by the Commodity Futures Trading Commission (CFTC) falls under federal exclusive jurisdiction, and New Jersey lacks authority to block the provision of such products.
The case stems from Kalshi filing a lawsuit after receiving cease-and-desist orders from multiple states. New Jersey argued that this violated state gambling laws, but the court found that the Commodity Exchange Act has clearly granted the CFTC exclusive regulatory authority over the relevant trades. Kalshi CEO Tarek Mansour said the ruling is a “major victory” and stated that prediction markets offer greater transparency and fairness. (Source: ODAILY)