The Third Circuit Court of Appeals ruled that federal law preempts New Jersey's attempt to shut down Kalshi's sports prediction market. This decision affirms a previous injunction that blocked the New Jersey Division of Gaming Enforcement from enforcing a cease-and-desist order against Kalshi. The platform, which allows users to trade contracts on real-world outcomes, has reported over $1 billion in weekly trading volume. New Jersey may seek further legal review, with multiple lawsuits against Kalshi still pending nationwide.
"The U.S. Court of Appeals for the Third Circuit issued a 2-1 decision on April 6, 2026, holding that the federal Commodity Exchange Act preempts New Jersey's attempt to block Kalshi from offering sports-related event contracts to state residents."
"Kalshi, founded in 2018 and certified by the U.S. Commodity Futures Trading Commission in 2020, operates a prediction market platform where users trade contracts tied to real-world outcomes, including major sporting events."
"New Jersey's Division of Gaming Enforcement sent Kalshi a cease-and-desist order in March 2025, arguing the platform's sports contracts violated the New Jersey Sports Wagering Act."
Read at news.bitcoin.com
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