Kalshi: CFTC to rewrite rules in weeks or months as NJ seeks Supreme Court review

The prospect of fresh CFTC rulemaking under Rule 40.11 signals a potentially decisive shift in how event contracts are vetted, which could reshape the compliance landscape for all registered exchanges. The Supreme Court petition introduces a jurisdictional fault line—whether state gambling laws can reach federally regulated markets—that threatens to fragment the industry if left unresolved. With a circuit split already in place, the Court's decision on whether to hear the case will be the first key signal. The timing of CFTC action relative to the Court's docket is the critical variable to watch.