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Operator v. state
U.S. Court of Appeals for the Ninth Circuit, 25-7516
Decided
Affirmed in part and remanded in part on Aug. 28, 2026. Kalshi petitioned for rehearing en banc in September 2026; the petition is pending and the mandate has not issued.
The question
Whether sports event contracts are swaps under the CEA and, if not, whether the CEA preempts Nevada's gaming laws as applied to them.
Consolidated with the Crypto.com and Robinhood appeals and argued April 16, 2026, the case produced a unanimous published opinion by Judge R. Nelson (Judges Bade and Lee; Lee concurring) holding the sports contracts likely are not swaps, that CFTC rule 40.11 currently bars gaming contracts on DCMs, and that Kalshi showed no likely express, field or conflict preemption. Election contracts were sent back to the district court. The ruling created a split with the Third Circuit.
No decision date set43 days since the petition
Petition filed Sept. 9Pending
Resolves Yes if the court grants rehearing en banc in KalshiEX v. Assad, No if it denies it.
Ninth Circuit No. 25-7516. Source: Court filing citing the petition (PDF)
Kalshi petitions for rehearing en banc, which stays the panel's mandate (reported by SCCG on Sept. 16, 2026).
Source: sccgmanagement.com
Opinion affirming in part and remanding in part.
Source: law.justia.com
Oral argument in San Francisco (Nelson, Bade, Lee).
Source: law.justia.com
Consolidated with Nos. 25-7187 and 25-7831 for argument.
Source: dockets.justia.com
Appeal docketed.
Source: dockets.justia.com