Sixth Circuit judges sound skeptical of Kalshi’s bid to sideline state sports-betting laws

Kalshi came to the Sixth Circuit on Thursday (July 30) stating that sports-event contracts traded on its federally regulated prediction market are financial instruments under federal commodities law, and states such as Ohio and Tennessee therefore largely need to keep their hands off them. The judges did not exactly roll out the welcome mat. Kalshi federal-preemption theory meets a skeptical Sixth Circuit bench A three-judge panel of the U.S.