Connecticut Judge Says Kalshi Sports Contracts Were Never Swaps

A federal judge denied Kalshi’s request for a preliminary injunction against Connecticut regulators, holding that its sports-event contracts are not swaps under the Commodity Exchange Act, so the CFTC’s exclusive jurisdiction never attached. Coinbase Financial Markets lost a companion motion on the same reasoning despite never having received a cease-and-desist. Not Swaps, and Not Preempted […]