US APPEALS COURT RULES AGAINST PREDICTION MARKETS, SETTING UP LIKELY SUPREME COURT FIGHT

Summary from the TLDR Fintech newsletter

The Ninth Circuit ruled that sports-related event contracts offered by Kalshi, Crypto.com, and Robinhood are not federally regulated swaps, siding with Nevada and other states that view them as gambling products subject to state law. The decision directly conflicts with an April Third Circuit ruling, creating a circuit split that makes Supreme Court review increasingly likely and could determine whether the CFTC or state gaming regulators control the future of sports prediction markets.