And the 3rd circuit ruled the opposite. I'd be really surprised if SCOTUS declined to resolve this split between the circuits.
And this is what I've been trying to get at here... who can actually say with a straight face that congress intended to regulate sports gambling with the CFTC? It's a ridiculous proposition to which there are no actual facts that support it. Nothing in the congressional record, nothing in the statute. Just a broad reading of the language while keeping one's head in the sand.
The reference to bingo was something that New Jersey and the dissent brought up. Direct quote that covers both: 'Because Kalshi’s sports related event contracts are traded on a CFTC-licensed DCM and depend on event outcomes associated with economic consequences, they fit within the Act’s definition of “swaps” subject to the CFTC’s jurisdiction. See 7 U.S.C. §§ 2(a)(1)(A), 1a(47)(A)(ii).
New Jersey and the dissent “pile inference upon inference” and postulate that anything from bingo games to pingpong matches will fall under the CFTC’s jurisdiction.'
from: https://www.courthousenews.com/wp-content/uploads/2026/04/ka...
That the holding opinion addresses, quoting the same exact section you did and then going on to say that "[i]n such far-fetched scenarios, Congress’s express delegation to the CTFC and the Securities and Exchange Commission to 'further define' swaps would prove useful." So yeah, that exact point stands.
>The 3rd circuit literally said they are '"swaps" subject to the CFTC's jusridiction' which is literally the opposite of what the 9th circuit said.
No, the 3rd circuit literally said that the CFTC designated Kalshi a DCM, so therefore it must be the case that its sports events contracts fall under DCM event contracts regulated by the CFTC. This is much more limited than my construction of the 9th circuit holding, which you insisted this is the opposite of it.It's literally not. The 9th Circuit's holding goes much further than to say they aren't a DCM. It says that a sports event can't be an event contract under the CFTC, so it does not even matter if it is a DCM or not.
You had me thinking you read the opinions when you came with the quotes, but it seems like at the same kind of superficial level the 3rd circuit is playing around at here. The 9th Circuit's holding is much broader and addresses the fact that the DCM designation is basically a sham, and clearly well beyond whatever congress could have intended with the statute.
And it's funny that you act informed about this but are playing ignorant the politics of the Trump admin's cronyism with Kalshi and its sudden and unprecedented designation of it as a DCM. Resting in the shallow depth of the 3rd circuit's opinion isn't a good place to be when you really think about what that court represents. And do you really think the supreme court is going to say that the executive branch can decide what congress intended by making designations like that? Fat chance. There's nothing in the congressional record that could ever indicate an intent to give the CFTC power to preempt state sports gambling laws on an individual corporate basis by special designation.
I feel like you're just interested in this for the culture war politics of it and take up the law as a barb. You're just being rude up and down this thread with your intuitive arguments which are really just legal non sequiturs but you don't get that because you don't do actual legal analysis (which is fine, I see all sorts of analyses on this site that I can't do, I just read in those circumstances).
Edit: 2nd circuit denied Kalshi's request for an injunction against NY's enforcement. So yeah... I think I'm within pretty good grounds to reasonably disagree with the 3rd circuit. You really just come off like a buffoon.