Operator v. state
KalshiEX LLC v. Orgel
U.S. District Court for the Middle District of Tennessee, 3:26-cv-00034
On appeal
Cite this page
Bluebook
KalshiEX LLC v. Orgel, Prediction Market Laws (last updated Oct. 21, 2026), https://predictionmarketlaws.com/lawsuits/kalshi-v-orgel-mdtenn.
APA
Prediction Market Laws. (2026, October 21). KalshiEX LLC v. Orgel. https://predictionmarketlaws.com/lawsuits/kalshi-v-orgel-mdtenn
Judge Aleta A. Trauger granted Kalshi a preliminary injunction on Feb. 19, 2026. A Sixth Circuit panel vacated it on Sept. 25, 2026, but Kalshi's petition for rehearing en banc (filed Oct. 9, 2026) is pending and no mandate has been reported, so the case has not yet returned to the district court.
The question
Whether the Commodity Exchange Act preempts Tennessee gambling or sports-wagering law as applied to event contracts listed on a CFTC-designated contract market.
Kalshi sued after the Tennessee Sports Wagering Council sent it a cease-and-desist letter in early 2026. The court granted the preliminary-injunction motion in part, and Tennessee appealed. The Council itself was dismissed on sovereign-immunity grounds.
Docket timeline
Sixth Circuit vacates the preliminary injunction and remands.
Source: law.justia.com
Tennessee officials' appeal docketed (No. 26-5235).
Source: dockets.justia.com
Judge Aleta A. Trauger grants Kalshi a preliminary injunction against the state officials, conditioned on a $500,000 bond.
Source: actionnetwork.com
Complaint filed.
Source: defirate.com
Sources
- Justia: KalshiEX v. Schuler, No. 26-3196 (6th Cir. 2026-09-25)
- DeFi Rate prediction market lawsuit tracker (updated 2026-10-20)
- Justia Dockets search listing: party KalshiEX (p. 4)
- Vultax prediction market lawsuit tracker (updated 2026-10-19)
- Action Network: tracking prediction market lawsuits
- SBC Americas: Tennessee judge grants Kalshi preliminary injunction (2026-02-20)
- DeFi Rate: Kalshi asks full Sixth Circuit to review panel decision
- Kalshi petition for rehearing en banc (Oct. 9, 2026)