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5 other outlets reported this story in the last 3 days.
Reuters and CNBC frame the ruling as a state-empowerment decision, while the New York Post calls it a major blow to Kalshi and the industry.
A federal appeals court says Kalshi has not shown that its sports event contracts are swaps protected from state gambling regulation.
The 6th U.S. Circuit Court of Appeals ruled unanimously that Kalshi's sports-related event contracts are not swaps under the Commodity Exchange Act…