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Operator v. state
U.S. Court of Appeals for the Third Circuit, 25-1922
Decided
Preliminary injunction affirmed 2-1 on April 6, 2026; New Jersey's cert petition (No. 26-299) is pending.
The question
Whether the Commodity Exchange Act preempts New Jersey gambling or sports-wagering law as applied to event contracts listed on a CFTC-designated contract market.
In the first federal appellate ruling on the issue, Judge Porter (joined by Chief Judge Chagares) held Kalshi was likely to show its sports contracts are swaps within the CFTC's exclusive jurisdiction and that field and conflict preemption apply. Judge Roth dissented, stressing the presumption against preemption in a field of traditional state regulation and the CEA's savings clauses. The Ninth and Sixth Circuits later disagreed.
Next: Kalshi's response due Nov. 918 days
Docketed Sept. 8Nov. 9
Resolves Yes if the Court grants review in Flaherty v. KalshiEX, No if it denies the petition.
Supreme Court No. 26-299. Source: Supreme Court docket
Will the Third Circuit keep Kalshi's injunction against New Jersey in place?
A divided panel affirmed the preliminary injunction, 2-1. New Jersey has asked the Supreme Court to review it. Third Circuit No. 25-1922. Source: Opinion
New Jersey petitions for certiorari (No. 26-299).
Source: supremecourt.gov
Panel affirms the preliminary injunction, 2-1 (Porter, J.; Roth, J., dissenting).
Source: law.justia.com
Oral argument.
Source: law.justia.com
Appeal docketed.
Source: dockets.justia.com