The Ninth Circuit Court of Appeals in the United States has ruled that the Kalshi sports contract does not constitute a swap, and New Jersey intends to apply for a Supreme Court review

According to Bitcoin.com News, the US Ninth Circuit Court of Appeals ruled on August 29th (UTC+8) that the Kalshi sports contract does not constitute a swap, and the Commodity Exchange Act does not exclude Nevada from applying gambling regulations to related contracts. The court also revoked the ban allowing Kalshi to continue providing contracts, and Crypto.com and Robinhood's ban applications were rejected. The US Third Circuit Court of Appeals ruled in April this year that the contracts related to Kalshi were swaps, causing a disagreement between the two federal appellate courts. The deadline for New Jersey to apply for a review by the US Supreme Court is September 3rd. Kalshi will seek review, Robinhood plans to appeal, and CFTC points out that derivatives designed according to swap structures are considered swaps.