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Operator v. state
U.S. Court of Appeals for the Fourth Circuit, 25-1892
Pending
Argued May 7, 2026; no decision as of Oct. 21, 2026 (Vultax, rechecked Oct. 19, 2026). Maryland has agreed not to enforce against Kalshi while the appeal is pending.
The question
Whether the Commodity Exchange Act preempts Maryland gambling or sports-wagering law as applied to event contracts listed on a CFTC-designated contract market.
Kalshi is appealing the denial of preliminary relief against Maryland. Briefing drew amici on both sides, including the American Gaming Association, tribes and a coalition of states supporting Maryland. The Fourth Circuit's ruling would add a fourth circuit to the split.
No decision date set168 days since argument
Argued May 7Pending
Resolves Yes if the court reverses or vacates the denial of Kalshi's preliminary injunction in KalshiEX v. Martin, No if it affirms.
Fourth Circuit No. 25-1892. Source: Court docket
Maryland files a letter of supplemental authority.
Source: defirate.com
Oral argument.
Source: defirate.com
Kalshi's reply brief filed.
Source: dockets.justia.com
Maryland's response brief filed.
Source: dockets.justia.com
Kalshi's opening brief filed.
Source: dockets.justia.com
Appeal docketed.
Source: dockets.justia.com