"Ohio officials argue that Kalshi's assertion that sports bets are 'swaps' under the Act is incorrect, emphasizing that sports wagers are based on game results and lack relevant economic consequences."
"The state contends that Congress has not authorized any shift in regulatory power to Kalshi, stating, 'Congress does not legislate through magic,' and there is no clear language supporting such a change."
"Kalshi's attempt to claim federal control over sports betting is portrayed by Ohio's attorneys as an overreach, arguing that the changes to the Commodity Exchange Act do not extend to sports gambling."
Ohio is contesting Kalshi's operation of sports-related contracts, claiming the company is evading state gambling regulations. State officials argue that Kalshi has not met the legal requirements for an injunction during its appeal. They assert that sports bets do not qualify as 'swaps' under federal law and that Congress did not intend to transfer regulatory power to Kalshi. The dispute escalated after Kalshi launched its contracts in 2025, leading to a federal lawsuit and a ruling against Kalshi's claims of federal preemption.
Read at ReadWrite
Unable to calculate read time
Collection
[
|
...
]