“Because Kalshi’s sports-related event contracts are traded on a [Commodity Futures Trading Commission-licensed designated contract market] and depend on event outcomes associated with economic consequences, they fit within the [Commodity Exchange] Act’s definition of ‘swaps’ subject to the CFTC’s jurisdiction,” the appeals court held in its 2-1 decision.
“Because Kalshi’s sports-related event contracts are traded on a [Commodity Futures Trading Commission-licensed designated contract market] and depend on event outcomes associated with economic consequences, they fit within the [Commodity Exchange] Act’s definition of ‘swaps’ subject to the CFTC’s jurisdiction,” the appeals court held in its 2-1 decision.
