The NFL tells the U.S. Supreme Court that Kalshi’s sports contracts are gambling, not swaps, in a brief supporting New Jersey. The league argues the contracts fall outside Dodd-Frank’s definition of a swap and asks the justices to resolve a split among three appeals courts.
A US appeals court rules against Kalshi, finding that its sports contracts are not swaps subject only to federal Commodity Futures Trading Commission oversight. The decision allows states to regulate Kalshi's contracts under gambling laws, instead of leaving oversight exclusively to the federal regulator.
New York sues Polymarket as states intensify legal challenges to prediction markets. The article says Polymarket and rival Kalshi face challenges from states around the country and identifies New York as one of the largest markets.
Kalshi Klear, Kalshi’s internal clearing house, files with the CFTC for approval to offer leverage on event contracts. The company says margin trading could attract institutional traders, particularly to longer-dated markets, and proposes raising capital requirements as contracts approach expiration. If approved, marginable contracts would be limited to qualifying self-clearing members; Kalshi says it will exclude sports, culture and “mention” markets.
