Latest
Checked Oct. 21, 2026
Operator v. state
U.S. Court of Appeals for the Sixth Circuit, 26-3196
Decided
Denial of preliminary injunction affirmed in a published opinion on Sept. 25, 2026. Kalshi petitioned for rehearing en banc on Oct. 9, 2026; the petition is pending.
The question
Whether Kalshi's sports-event contracts are swaps under the CEA and, if so, whether the CEA's exclusive-jurisdiction clause preempts Ohio's sports-gaming law.
Deciding the Ohio and Tennessee appeals together, a panel of Judges Clay, Gibbons and Bloomekatz (opinion by Judge Gibbons) held the contracts are not swaps because the sporting events lack an inherent financial consequence, and that even if they were, the CEA neither expressly nor impliedly preempts the states' gambling laws. The court also held Kalshi may sue under Ex parte Young. The ruling aligns with the Ninth Circuit and conflicts with the Third.
No decision date set13 days since the petition
Petition filed Oct. 9Pending
Resolves Yes if the court grants panel rehearing or rehearing en banc in KalshiEX v. Schuler and KalshiEX v. Orgel, No if it denies both.
Sixth Circuit Nos. 26-3196 and 26-5235. Source: Kalshi's petition (PDF)
Will a Sixth Circuit panel side with Kalshi against Ohio and Tennessee?
The panel affirmed the denial of Kalshi's injunction in Ohio and vacated Kalshi's injunction in Tennessee and remanded. Kalshi has asked for rehearing. Sixth Circuit Nos. 26-3196 and 26-5235. Source: Opinion
Kalshi petitions for rehearing en banc in the joint Ohio/Tennessee appeals.
Source: nextpredict.io
Panel affirms the denial of a preliminary injunction.
Source: law.justia.com
Oral argument before Judges Clay, Gibbons and Bloomekatz.
Source: dockets.justia.com
Court consolidates Nos. 26-3196 and 26-5235 (and drops the Tennessee Sports Wagering Council as a party in 26-5235).
Source: dockets.justia.com
CFTC announces an amicus brief in the Sixth Circuit supporting exclusive federal jurisdiction.
Source: cftc.gov
Appeal docketed.
Source: dockets.justia.com