“classification is now a filing obligation, not a theory”
Two appeals courts held in August and September 2026 that Kalshi's sports event contracts are not swaps. On 9 October the CFTC answered with a pair of rules: an interim final rule excluding casino-style gambling from the swap definition by licence and execution model, and a proposal adding event contracts back in. The piece notes the Ninth Circuit granted preemption and still lost on the product, and argues classification now resolves contract by contract, not firm by firm.
Extensive technical background assumed
Platforms mentioned: Kalshi