Crypto World
Kalshi loses Nevada appeal over sports event contracts
A three-judge federal appeals panel has rejected Kalshi’s attempt to block Nevada gaming regulators from enforcing state laws against its sports event contracts.
Summary
- The Ninth Circuit found that Kalshi’s sports contracts are likely bets rather than swaps.
- The 3-0 ruling allows Nevada to enforce its gaming laws while litigation continues.
- The decision conflicts with an April ruling involving New Jersey and Kalshi.
- Nevada’s challenge to Kalshi’s election contracts will return to the district court.
The U.S. Court of Appeals for the Ninth Circuit ruled on Aug. 28 that Kalshi had not shown the Commodity Exchange Act likely overrides Nevada’s gaming rules for sports event contracts.
Kalshi sports contracts fall outside swap rules
Writing for the unanimous panel, Circuit Judge Ryan Nelson said the federal commodities law gives the Commodity Futures Trading Commission exclusive authority over swaps traded or executed on a designated contract market.
Kalshi operates a CFTC-regulated designated contract market, and the parties did not dispute that its sports contracts were traded through that venue. The court, however, found that the products likely do not qualify as swaps under the Commodity Exchange Act because they function as sports bets.
Under the panel’s reading, a contract based on whether a sporting event occurs differs from one based on the event’s result. A market on whether the Super Bowl takes place could involve the occurrence of an event, while a contract asking which team wins concerns its outcome.
“The CFTC is not a national gambling regulator,” Nelson wrote. “No one suggested it was until over a decade after the law was passed.”
According to the opinion, Kalshi’s contracts carry the “hallmarks of sports betting,” which the court described as a traditional form of gambling. The panel also referred to Kalshi’s marketing of its service as an app for legal sports betting across all 50 states.
Accepting Kalshi’s interpretation would place nearly all sports wagering under the CFTC’s control, the court reasoned, even though states have long supervised gambling. Nelson said such a reading would also raise concerns under the major questions doctrine because Congress did not clearly assign nationwide gambling regulation to the CFTC through the Dodd-Frank Act.
The court further found that Kalshi’s self-certification and listing of the sports contracts did not establish federal protection from state law. Under the Commodity Exchange Act’s special rule for event contracts and its related regulation, the CFTC may review and prohibit contracts involving gaming or other listed activities when it finds them contrary to the public interest.
Nevada can enforce its gaming laws
The ruling affirmed U.S. District Judge Andrew Gordon’s November 2025 decision to dissolve an earlier injunction that had prevented the Nevada Gaming Control Board from acting against Kalshi.
Nevada’s regulator had sent Kalshi a cease-and-desist letter after concluding that the company was operating a sports betting platform without the licenses required under state law. Kalshi sought federal protection, arguing that CFTC oversight displaced Nevada’s authority.
Initially, the district court granted Kalshi a preliminary injunction in April 2025. Later court decisions involving similar products reached different results, prompting Nevada to ask Gordon to reconsider the order.
After denying a related request from Crypto.com, Gordon dissolved Kalshi’s injunction. He found that sports contracts tied to the result of a game did not meet the Commodity Exchange Act’s definition of a swap.
On appeal, the Ninth Circuit rejected Kalshi’s three preemption arguments. The panel found that express preemption did not apply because the contracts were not swaps, while compliance with both federal and Nevada law was not impossible. Judges also rejected the claim that federal commodities law occupied the entire regulatory field.
The court upheld Gordon’s assessment of the remaining injunction requirements, including irreparable harm, the balance of equities and the public interest. Since Kalshi had not shown that it was likely to win its preemption claim, the panel found no abuse of discretion in allowing Nevada to enforce its laws.
Nevada Gaming Control Board attorney Nicole Saharsky said the decision confirmed that states regulate sports betting. Arizona Attorney General Kris Mayes also welcomed the ruling, saying that calling a sports bet a swap does not change the product’s nature.
The decision directly applies within the Ninth Circuit, which covers Alaska, Arizona, California, Hawaii, Idaho, Montana, Nevada, Oregon, and Washington. Kalshi is already involved in separate proceedings within the circuit, including an Arizona appeal filed after a district judge blocked enforcement of that state’s gambling laws.
In July, a Washington state judge also blocked Kalshi sports contracts after finding that state officials were likely to succeed on claims that the platform offered illegal gambling products.
Appeals courts have split over Kalshi
The Nevada result conflicts with an April 6 ruling from the Third Circuit, where a divided panel found that New Jersey could not apply its gaming laws to Kalshi’s federally regulated platform.
A circuit split can increase the chance of U.S. Supreme Court review, though the justices are not required to take the case. Legal analyst Daniel Wallach said Kalshi could request a rehearing before the full Ninth Circuit or petition the Supreme Court directly.
Wallach said he expected the company to consider the Supreme Court route because it lost before a panel made up entirely of judges appointed by President Donald Trump. Kalshi and the CFTC did not immediately comment on the decision, according to Reuters.
Other appellate cases remain pending. The Fourth Circuit is reviewing a Maryland decision that denied Kalshi an injunction, while the Second Circuit is considering litigation involving Connecticut.
State and federal courts have produced mixed preliminary results. Judges in Tennessee and Arizona have granted Kalshi protection from state enforcement, while courts in Ohio, New York, and Nevada have declined to do so.
As crypto.news previously reported, the platforms have become involved in an expanding state-level legal fight involving injunctions, cease-and-desist orders, and lawsuits across the country. Kalshi maintains that its federal registration gives the CFTC exclusive authority over its event contracts, while state regulators say sports markets require local gaming licenses and consumer safeguards.
Connecticut added another case on Aug. 26 by suing over sports contracts. State officials asked a court to stop Kalshi from offering the products and said the company lacked the licenses required of sportsbook operators.
Connecticut’s Department of Consumer Protection had ordered Kalshi, Robinhood and Crypto.com to stop offering or promoting sports event contracts in December 2025. Regulators cited concerns involving the state’s betting age, insider wagering protections and technical standards for licensed operators.
Election contracts return to the Nevada court
While affirming the order covering sports markets, the Ninth Circuit sent Nevada’s challenge to Kalshi’s election contracts back to the district court.
Gordon’s original injunction did not resolve the election products. The appeals panel directed him to examine them under the legal reasoning set out in Friday’s opinion.
Wallach said the remand could place election markets under added review because Nevada law also prohibits wagering on election results. Kalshi offers contracts tied to politics alongside markets involving sports, economic data, weather, and entertainment.
Congress has separately examined the role of sports contracts on federally regulated exchanges. In July, the House Agriculture Committee scheduled a prediction-market hearing focused on customer safeguards and market integrity as gaming groups called for restrictions on sports-based products.
Former SEC Chair Gary Gensler has also argued that Congress did not place sports wagers within Dodd-Frank’s definition of a swap. In a filing connected to Kalshi’s Ohio litigation, Gensler wrote that “Congress did not include sports betting contracts” in the statutory swap definition.
Crypto World
Ditching 'digital gold': BPI study suggests everyday Americans prefer control and micro-investing
A new survey suggests some of bitcoin’s most familiar sales pitches of changing the world may be poorly suited to a majority of prospective buyers.
Ripple’s cross-border token staged one of the most impressive recoveries in the past 10-12 days, surging from just under $1.00 to a multi-month peak at $1.70.
However, this major rally was halted, and the momentum has faded, with the asset currently struggling to remain at $1.40, which represents a 20% pullback from last Saturday’s top. The landscape worsened on Friday after the hawkish speech by Fed Chair Kevin Warsh at Jackson Hole.
Major Test Approaches
Popular analyst Ali Martinez has been tracking the major change in XRP’s underlying activity throughout the latest move. As previously reported, active addresses on the XRP Ledger skyrocketed by over 650% at one point, jumping from 47,180 to more than 356,000. At the same time, whales went on an impressive accumulation spree, acquiring over 300 million tokens in only 96 hours.
What matters most now is whether that demand can prevent the latest pullback from developing into something considerably worse. The technical structure has weakened since the rejection at $1.70, and the token is struggling at $1.40. According to Martinez, this means that the asset failed to hold above the 50-week exponential moving average at $1.54.
This has turned attention toward the $1.35-$1.38 region as the next important support zone, which is currently being tested. The analyst said that roughly 3.2 billion XRP were traded in this area, according to the URPD, underscoring its significance.
Fellow market commentator CRYPTOWZRD outlined the change in the recent structure, indicating that XRP was bearish and volatile throughout the day before closing lower. They believe holding above $1.40 is crucial, but this hasn’t been the case so far.
What About a Breakout?
Martinez also highlighted the most significant resistance barriers to watch if XRP resumes its rally from the previous week. The first is located at $1.60, where 1.99 billion tokens were traded. $1.68 follows suit with a similar number of traded coins.
The biggest obstacle is at $1.86, where 3.47 billion XRP were traded. A breakout above that level can open the door for a run toward the psychological $2.00 level and up to $2.19 next.
XRP AT KEY SUPPORT
After rallying 71.8% from $0.988 to $1.698, XRP has entered a 20% correction and is now testing a major support zone.
According to the URPD, roughly 3.2 billion XRP were traded between $1.35 and $1.38, making this one of the most important demand levels.
As… pic.twitter.com/i5r1tPsMJe
— Ali Charts (@alicharts) August 29, 2026
The post XRP’s 70% Rally Is Fading: Here’s the Level That Could Decide What Happens Next appeared first on CryptoPotato.
Crypto executives say new blockchain payment infrastructure could make Swift obsolete. Bankers say its 11,500-institution network gives it the power to absorb the technology instead.
Reform UK has stripped crypto firms from its conference sponsor list. The move lands days after British police revealed a $1.4 million Bitcoin forfeiture.
Nigel Farage’s party is selling diplomats and manufacturers instead.
Reform UK Cuts Crypto Sponsors Before Birmingham
Reform UK’s annual conference opens in Birmingham next week. Last year the digital payments firm Zebec headlined as a key backer. This year no crypto company appears on the sponsor list.
Perks have gone too, with free tickets and access to senior figures also cut, Bloomberg reported, citing people familiar with the arrangements.
It comes as a parliamentary probe is examining whether Farage should have declared £5 million from Christopher Harborne, a Thailand-based crypto investor. Farage’s crypto lobbying has drawn separate scrutiny this year.
Diplomats and Manufacturers Take the Stage Instead
Farage’s populist party holds just eight of 650 Commons seats, yet polls place it in contention for 2029.
Honorary treasurer Nick Candy is promoting foreign guests. Envoys from India, Italy, Poland, the UAE and the US are expected, alongside French National Rally leader Jordan Bardella.
“The scale and breadth of the diplomatic presence at the conference next week is a clear indication of how seriously Reform is being taken internationally,” Nick Candy, Reform UK honorary treasurer, speaking to Bloomberg.
However, not everyone is convinced. Renewable energy executives remain reluctant to appear, according to a City of London public relations executive. They fear legitimizing the party.
On its first business day, it sold more than 600 tickets, drawing JCB, TikTok and Heathrow.
So is Reform done with crypto? Not on paper. It has announced no policy changes regarding digital assets, and the retreat focuses on sponsors and perks rather than positions.
Birmingham will show a party managing its image while an investigation runs, not one abandoning crypto.
Police Traced 20.21 Bitcoin Back to 2016
Elsewhere but still in the UK, Avon and Somerset Police recovered 20.21 BTC, other crypto and money in a bank account, worth £1,032,487.86.
Investigators tied the funds to darknet marketplaces that ran from 2016 to 2019. These were hidden shopping sites, reachable only through anonymizing software, that sold drugs and facilitated human trafficking.
A blockchain keeps every transaction on a permanent public record, so coins moved in 2016 still leave a trail.
The owner had died before the forfeiture was completed. Under the Proceeds of Crime Act, however, the case runs against the property, not the person.
It is the force’s largest crypto recovery since Britain introduced wallet freezing orders in April 2024. Bigger hauls exist, including a £114 million Bitcoin seizure.
Recovered funds go back into community and policing programs.
The post Reform UK Drops Crypto Sponsors: What Does Farage Want Instead? appeared first on BeInCrypto.
The United States has secured majority control of more than 65 billion barrels of Venezuela’s oil reserves, which could reshape global energy markets, but does it actually matter for bitcoin and crypto?
President Trump announced on Friday that the US had secured majority control through an agreement involving Washington, Venezuela, and private businesses. He called it the “biggest oil deal in world history” and said it would substantially increase America’s effective oil reserves and ultimately bring down fuel prices.
65 Billion Barrels, But There’s a Catch
The analysts at the Kobeissi Letter noted that the US currently has around 46 billion barrels of proven domestic crude reserves. Adding control over another 65 billion would bring the combined figure to over 110 billion, roughly 7% of global proven reserves. In other words, the US-controlled total would be around the same as the UAE’s and ahead of Kuwait’s.
According to some leaked details, the deal covers 17 Venezuelan oilfields, including projects in the resource-rich Orinoco Belt and Lake Maracaibo. A new structure would give the US a majority operational position, while American companies are expected to provide much of the capital and expertise needed to increase production.
Venezuela has also projected close to $100 billion in private investment tied to the broader agreement. However, here comes the catch. Those barrels are all reserves, not immediate supply.
Venezuela currently produces around 1.2 million barrels per day, a fraction of what its enormous resource base theoretically allows due to years of underinvestment, deteriorating infrastructure, power problems, and other issues. Reuters reported that even the country’s ports are already struggling with current export volumes, with some tankers waiting weeks to load.
Lower Oil Good for Bitcoin?
Oil has been one of the biggest inflationary pressures this year as the conflict in the Middle East and disruptions around the Strait of Hormuz have pushed crude prices sharply higher. In general, more expensive oil feeds into fuel, transportation, manufacturing, and ultimately consumer prices.
If Venezuelan supply expands significantly over the coming years and helps decrease oil prices, the result could be weaker inflationary pressure, which, in turn, could give the Fed more room to ease monetary policy, unlike the present situation. This would be considered bullish for crypto, since the asset class tends to benefit from such macro conditions.
The deal, which was later confirmed by Venezuela’s President, comes at an interesting time – right after Fed Chair Kevin Warsh delivered a hawkish speech at Jackson Hole. He warned that inflation remains too high and indicated that policymakers could still have “work to do” if price pressures fail to move convincingly toward the central bank’s target of 2%.
If oil remains elevated due to the war in the Middle East, inflation is likely to continue preventing the Fed from pivoting. However, if Venezuela eventually becomes a substantial new source of reliable supply, the landscape can change.
Ultimately, the oil deal between the US and Venezuela is unlikely to translate into an immediate impact on BTC and crypto, as there’s no direct connection between the two. However, the long-term perspective is more bullish than bearish, especially if Venezuela improves its production lines and prices indeed fall, as Trump predicted.
The post US Secures 65 Billion Barrels of Venezuelan Oil: Could This Be Bullish for Bitcoin? appeared first on CryptoPotato.
BYD’s push to expand electric vehicle sales outside of China’s domestic market appears to finally be paying off. The world’s largest EV maker reported its first increase in quarterly profits in five quarters. Tesla’s largest global rival has spent the past several years working to become a global auto company as sales in its home markets continue to see drastic…
Copyright ©2026 Investor’s Business Daily, LLC. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8
Stock market volatility has spurred trading activity, and that produced at least one set of beneficiaries — brokerage firms. Charles Schwab (SCHW) is one name that springs to mind, but its lesser-known cousin, Interactive Brokers (IBKR) is a sector leader that is pulling its weight despite holding a fraction of the former’s market capitalization. Shares of Interactive broke out to…
Copyright ©2026 Investor’s Business Daily, LLC. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8
Crypto World
Dow Jones Futures: Fed Chief Warsh Speech Due; Marvell, Affirm, PayPal, Elastic Are Big Movers
Dow Jones futures and S&P 500 futures edged higher early Friday, while Nasdaq futures fell slightly. Marvell Technology, Rubrik, Elastic and Affirm led earnings reports after the close, with Fed chief Kevin Warsh on tap. The stock market rallied Thursday, with the Nasdaq leading the way. Nvidia (NVDA) broke out on earnings, but had limited coattails for the broader chip…
Copyright ©2026 Investor’s Business Daily, LLC. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8
Recent initial public offering Yesway (YSWY) is the IPO Stock Of The Week as it approaches its first buy point following a 39% surge in recent weeks. The convenience store stock also sits on Investor’s Business Daily’s IPO Leaders screen. Fort Worth, Texas-based Yesway owns convenience store chain Allsup’s, known for its deep-fried burritos and chimichangas. By the end of…
Copyright ©2026 Investor’s Business Daily, LLC. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8
How The Anthropic And OpenAI IPOs Could Shake Up The AI Brawl
Grieving parents ask why Treasury manager ‘ambushed’ worker before she took own life | News UK
MarketWise: Limited Downside With 8% Yield (NASDAQ:MKTW)
Banana Republic Dropped 400+ New Fall Pieces — 15 Under $100
-
Crypto World4 days agoSpaceX stock could rise 75% to $240, JPMorgan says
-
Crypto World2 days agoBitcoin’s 22% rally now needs real demand to outlast Treasury liquidity boost
-
Fashion21 hours agoWeekend Open Thread: Maeve – Corporette.com
-
Crypto World5 days agoA $30 Billion AI Fund Implodes, Now the SEC Is Investigating Wall Street’s Role
-
Crypto World3 days agoWarsh Jackson Hole keynote puts financial innovation first
-
Business2 days agoSalesforce Stock Soars 19% as Blowout Earnings and Agentforce AI Growth Silence Software Skeptics
-
Crypto World4 days agoDid Trump Just Move SpaceX Stock With One Truth Social Post?
-
Business6 days agoMystery AI Model ‘Ox Alpha’ Draws Developers With Free Access as Chinese Lab Origins Remain Debated
-
Business3 days agoWalmart takes aim at younger shoppers with new fashion brand
-
NewsBeat3 days agoLindsay Clancy jury braces for closing arguments as judge tells court: ‘You’ve heard all the evidence’ – Live updates
-
Business5 days agoModerna CEO warns China is pouring state money into mRNA technology
-
Business5 days agoNVIDIA Stock Drops Nearly 2 Percent to $210 on Seventh Losing Day Ahead of Critical AI Earnings
-
Crypto World3 days agoElon Musk Grok Bot Promise: We Will Make You Whole if AI Loses Your Money
-
Crypto World2 days agoNVIDIA revenue hits $96.2B as AI demand doubles
-
Business4 days agoThailand’s Eastern Economic Corridor Capital City (EECiti): Key Developments and Investment Opportunities
-
Business23 hours agoiPhone 18 Pro Pre-Orders Could Shift to Saturday as Apple Reportedly Avoids September 11 Anniversary
-
Crypto World15 hours agoBitcoin price tests $82K resistance as Brandt stays long
-
Business6 days agoWhere Will Kevin Durant Play in 2027? Rockets Hold Player Option Key to His Future With Houston via Deal
-
Crypto World5 days ago$92 Billion Nvidia Earnings Could Make or Break the AI Trade
-
Sports6 days agoDeshaun Watson fires back at Browns fans after being booed: ‘It’s a disrespectful thing’
You must be logged in to post a comment Login