Bitcoin News
By Steven Anderson
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What the Executives Actually Said. Kalshi's head of litigation, Jovy Dedaj, took a narrower angle.
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The Dodd-Frank Problem Nobody Wants to Touch. New Jersey's petition cuts to something uncomfortable.
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New Jersey wants the Supreme Court to settle this. The Third and Ninth Circuits disagree on whether states can regulate sports betting on federally registered exchanges, and…
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Kalshi hasn't filed its Supreme Court response yet. The opposition brief is due in roughly one month.
5 / 15
CEO Tarek Mansour went after the Ninth Circuit's ruling hard. That ruling favored New Jersey and, per Mansour, made the legal landscape murkier rather than cleaner.
6 / 15
Kalshi's head of litigation, Jovy Dedaj, took a narrower angle. Dedaj's read is that the Ninth Circuit's decision partly rests on a misreading of a specific provision inside the…
7 / 15
The proposed CFTC rule would swap out a flat prohibition on sports-related contracts for a public interest review process.
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The CFTC has been backing Kalshi in state-level legal fights, filing amicus briefs asserting federal jurisdiction.
9 / 15
Read also: New Jersey Seeks Supreme Court Review of Kalshis Controversial Sports Contracts
10 / 15
New Jersey's petition cuts to something uncomfortable. The state is asking whether Dodd-Frank preempts state regulation of sports bets placed on CFTC-registered markets.
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The economic and political fallout from that conclusion would be enormous. It's unclear whether the Supreme Court wants to go anywhere near it.
12 / 15
John Holden of Indiana University laid out the timeline. Kalshi's opposition comes first, within 30 days. Then New Jersey's reply. Then potentially a conference.
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New Jersey, separately, faces a deadline of its own — the state must ask the Supreme Court by Thursday to review the Third Circuit's decision, which went in Kalshi's favor on the…
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More context: CFTC Seeks Dismissal of CME’s Crypto Futures Lawsuit, Citing No Legal Standing
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There's another wrinkle Kalshi can't shake. Before it entered the sports betting market, the company made concessions in an earlier legal fight over election contracts.
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