Ninth Circuit Says Kalshi Sports Contracts Aren’t Swaps, Splitting With Third Circuit

Crypto Insight Summary: The panel affirmed the dissolution of Kalshi’s Nevada injunction after finding no likely federal preemption, reaching the opposite preliminary conclusion from the Third Circuit. Crypto Insight Analysis: Direction: Neutral Impact: No Impact Horizon: Short-term (1-3 days) Reasoning: Legal ruling on Kalshi has no direct impact on crypto markets.