Kalshi loses appeal over Ohio and Tennessee sports betting laws, widening circuit split

Crypto Insight Summary: A federal appeals court ruled on Friday that Kalshi has not adequately shown its sports event contracts are swaps under the Commodity Exchange Act. Crypto Insight Analysis: Direction: Neutral Impact: No Impact Horizon: Short-term (1-3 days) Reasoning: The ruling pertains to sports betting and has no direct relevance to crypto markets.