A federal appeals court has handed Kalshi a defeat, ruling state regulators have power over its markets.
The hit
The 6th US Circuit Court of Appeals ruled against Kalshi on Friday, finding that states can regulate prediction markets, according to MT Newswires.
Why it matters
The ruling hands state regulators power over Kalshi’s markets.
The record
| Ruling date | 25 September 2026 (6th US Circuit Court of Appeals) |
|---|---|
| Outcome | Ruled against Kalshi |
| Ticker | KLSH.PVT |
What happens next
Watch for Kalshi’s response, including whether it seeks a rehearing or Supreme Court review.
Sources: US appeals court rules against Kalshi, says states can regulate prediction markets · Kalshi Suffers Court Defeat as Judges say States can Regulate Prediction Markets
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