Court Rules States Can't Regulate Kalshi Bets

Narrative A

This ruling is a landmark moment, affirming that federal law governs prediction markets, not a chaotic patchwork of state gambling rules. Kalshi operates under CFTC oversight, and sports-event contracts qualify as swaps under the Commodity Exchange Act, giving the federal framework clear authority. Regulatory clarity like this is exactly what legitimate markets need to grow and serve millions of users fairly.