{ "version": 1, "event_id": "evt_0418bdca6a4f49bb", "url": "https://xiyu.news/events/evt_0418bdca6a4f49bb/", "json": "https://xiyu.news/api/events/evt_0418bdca6a4f49bb.json", "type": "legal_case", "status": "monitoring", "category": "policy", "title": { "zh": "第六巡回上诉法院裁定 Kalshi 体育合约受州博彩法管辖", "en": "Sixth Circuit rules Kalshi sports contracts subject to state gambling law" }, "current_state": { "zh": "The 6th US Circuit Court of Appeals ruled against Kalshi, siding with Ohio and Tennessee that the prediction market's sports-event contracts fall under state gambling law rather than CFTC swap jurisdiction, deepening a circuit split and raising the likelihood of Supreme Court review.", "en": "The 6th US Circuit Court of Appeals ruled against Kalshi, siding with Ohio and Tennessee that the prediction market's sports-event contracts fall under state gambling law rather than CFTC swap jurisdiction, deepening a circuit split and raising the likelihood of Supreme Court review." }, "first_seen_at": "2026-09-25T23:24:10.942680+00:00", "last_updated_at": "2026-09-27T10:07:41.219677+00:00", "last_material_change_at": "2026-09-26T16:34:50.832605+00:00", "confidence": 0.75, "updates_count": 1, "sources_count": 5, "entities": [ "another", "court", "kalshi", "supreme" ], "identifiers": [], "topics": [ "cftc", "court-ruling", "crypto-regulation", "kalshi", "prediction-markets", "state-gambling-law", "us-courts" ], "updates": [ { "update_id": "upd_646dc242e3947862", "event_id": "evt_0418bdca6a4f49bb", "occurred_at": "2026-09-25T21:17:30Z", "published_at": "2026-09-25T21:17:30Z", "first_seen_at": "2026-09-25T23:24:10.942680Z", "time_precision": "published", "update_type": "initial", "material_change": true, "title_zh": "重大法庭败诉后，Kalshi 必须屏蔽州内用户", "title_en": "Another appeals court rules against prediction market provider Kalshi, says sports contracts are subject to state regulations", "what_changed_zh": "第六巡回上诉法院于9月25日裁定，俄亥俄州和田纳西州可以将各自的赌博法适用于 Kalshi 的体育事件合约；法院维持了俄亥俄州对 Kalshi 不利的裁决，并撤销了此前使该公司在田纳西州免于执法的初步禁令。合议庭一致驳回了 Kalshi 的联邦优先适用抗辩，并指出地理围栏（geofencing）是同时满足联邦交易所规则与州赌博法的可行方式，两案均被发回下级法院。\n\n该裁决使 Kalshi 约69%的零售体育类需求面临风险——据 Eilers & Krejcik Gaming 的测算，这部分需求来自没有合法在线体育博彩的州。裁决还为该巡回区内的各州提供了两条独立的胜诉路径：合议庭认定，即使这些合约属于掉期（swap），联邦商品法也不会使俄亥俄州和田纳西州的赌博法失效。\n\n合议庭认定，Kalshi 未能证明其体育合约符合《商品交易法》对掉期（swap）的定义，而这正是其主张 CFTC 专属监管的前提。该裁决处于初步禁令阶段，现适用于俄亥俄州、田纳西州、密歇根州和肯塔基州的联邦法院；在密歇根州，9月1日的州法院禁令已要求 Kalshi 对位于该州的用户屏蔽受涵盖的体育合约，违规每日罚款最高可达50万美元。", "what_changed_en": "The Sixth Circuit Court of Appeals ruled against Kalshi, holding that its sports-related event contracts are not swaps and are therefore subject to state gaming regulations instead of CFTC oversight, adding to a growing circuit split that may push the issue to the Supreme Court.", "current_state_zh": "第六巡回上诉法院于9月25日裁定，俄亥俄州和田纳西州可以将各自的赌博法适用于 Kalshi 的体育事件合约；法院维持了俄亥俄州对 Kalshi 不利的裁决，并撤销了此前使该公司在田纳西州免于执法的初步禁令。合议庭一致驳回了 Kalshi 的联邦优先适用抗辩，并指出地理围栏（geofencing）是同时满足联邦交易所规则与州赌博法的可行方式，两案均被发回下级法院。\n\n该裁决使 Kalshi 约69%的零售体育类需求面临风险——据 Eilers & Krejcik Gaming 的测算，这部分需求来自没有合法在线体育博彩的州。裁决还为该巡回区内的各州提供了两条独立的胜诉路径：合议庭认定，即使这些合约属于掉期（swap），联邦商品法也不会使俄亥俄州和田纳西州的赌博法失效。\n\n合议庭认定，Kalshi 未能证明其体育合约符合《商品交易法》对掉期（swap）的定义，而这正是其主张 CFTC 专属监管的前提。该裁决处于初步禁令阶段，现适用于俄亥俄州、田纳西州、密歇根州和肯塔基州的联邦法院；在密歇根州，9月1日的州法院禁令已要求 Kalshi 对位于该州的用户屏蔽受涵盖的体育合约，违规每日罚款最高可达50万美元。", "current_state_en": "The Sixth Circuit Court of Appeals ruled against Kalshi, holding that its sports-related event contracts are not swaps and are therefore subject to state gaming regulations instead of CFTC oversight, adding to a growing circuit split that may push the issue to the Supreme Court.", "detailed_summary_zh": "The Sixth Circuit Court of Appeals ruled against Kalshi, holding that its sports-related event contracts are not swaps and are therefore subject to state gaming regulations instead of CFTC oversight, adding to a growing circuit split that may push the issue to the Supreme Court.", "detailed_summary_en": "The Sixth Circuit Court of Appeals ruled against Kalshi, holding that its sports-related event contracts are not swaps and are therefore subject to state gaming regulations instead of CFTC oversight, adding to a growing circuit split that may push the issue to the Supreme Court.", "background_zh": "Kalshi 是一家受 CFTC 监管的预测市场交易所，上市二元事件合约（包括体育类市场），并主张其作为指定合约市场（DCM）的地位使其在州赌博执法面前享有联邦保护，依据的是联邦优先适用（preemption）原则。肯塔基州今年早些时候起诉了 Kalshi 和 Polymarket，密歇根州的州法院案件则独立推进。", "background_en": "Kalshi is a CFTC-regulated prediction-market exchange that lists binary event contracts, including sports markets, and has argued its status as a designated contract market gives it federal cover against state gambling enforcement, invoking preemption doctrine. Kentucky sued Kalshi and Polymarket earlier this year, and Michigan's state-court case runs on its own track.", "community_discussion_zh": "", "community_discussion_en": "", "market_impact_zh": "该裁决通过监管与市场准入渠道传导：第六巡回区内的各州获得对上市体育合约执行赌博法的空间，而法院认可地理围栏作为合规工具，确立了一种州监管机构和其他预测市场运营方——包括面临类似州级诉讼的加密原生平台——必须计入美国市场准入成本的机制。", "market_impact_en": "The ruling channels through regulatory and market-access risk for event-contract venues: states inside the Sixth Circuit gain room to enforce gambling laws against listed sports contracts, and the court's acceptance of geofencing as a compliance tool establishes a mechanism that state regulators and other prediction-market operators, including crypto-native venues facing similar state suits, would have to price into US market access.", "importance_score": 8.5, "references": [ { "url": "https://www.cftc.gov/LawRegulation/CommodityExchangeAct/index.htm", "title": "Commodity Exchange Act & Regulations | CFTC" }, { "url": "https://www.law.cornell.edu/wex/preemption", "title": "preemption | Wex | US Law | LII / Legal Information Institute" }, { "url": "https://kalshi.com/", "title": "Kalshi - Prediction Market for Trading the Future" } ], "confidence": 0.75, "story_ids": [ "rss:www.coindesk.com_arc_outboundfeeds_rss_:c7bd922479a142e2", "rss:cryptoslate.com_feed_:f8939679c1cd0157", "rss:www.theblock.co_rss.xml:03168ebfa3616014", "rss:cointelegraph.com_rss:0acbcb485812b7dc", "google_news:article:6290ca431a023012" ], "sources": [ { "url": "https://www.coindesk.com/policy/2026/09/25/another-appeals-court-rules-against-prediction-market-provider-kalshi-says-sports-contracts-are-subject-to-state-regulations", "label": "CoinDesk", "source_type": "rss", "official": false }, { "url": "https://cryptoslate.com/kalshi-must-lock-out-state-users-after-major-court-loss/", "label": "CryptoSlate", "source_type": "rss", "official": false }, { "url": "https://www.theblock.co/news/regulation/2026-09-26-kalshi-loses-appeal-over-ohio-and-tennessee-sports-betting-laws-widening-circuit-split-416937", "label": "The Block", "source_type": "rss", "official": false }, { "url": "https://cointelegraph.com/news/kalshi-loses-appeal-setting-up-potential-supreme-court-case?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound", "label": "Cointelegraph", "source_type": "rss", "official": false }, { "url": "https://news.google.com/rss/articles/CBMiX0FVX3lxTE9LMDlscFdrdG4wWUZLVUJPOHRVWGUyeVladXNsUVNueHBHaVlOUWhvWkdONkIwTy1XNFFMRTZ3WG5ZQUVZaWd6cHd6aTFXYlQ5MXV2UDdDbGtyR3Y0SHdF?oc=5", "label": "BitKE", "source_type": "google_news", "official": false } ] } ] }