U.S. appeals court rules that states can regulate Kalshi's event contracts, limiting the platform's nationwide expansion.

Regulation & Gov · 2026-09-25

A U.S. appeals court ruled that states retain the authority to regulate Kalshi's event contracts, restricting the platform's ability to operate uniformly across the country. The decision limits Kalshi's nationwide expansion prospects by subjecting its contracts to state-level oversight rather than federal preemption.

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