Kalshi Must Face Ohio and Tennessee Enforcement After Appeals Ruling

The Sixth Circuit's rejection of Kalshi's preemption defense is the more consequential part of this ruling: it undercuts the argument that CFTC oversight immunizes event-contract venues from state gaming enforcement, a theory other platforms have leaned on. That shifts leverage toward state regulators, who can now proceed without waiting on federal resolution. Whether other circuits align — or whether Kalshi seeks further review — is the open question shaping how far state-by-state enforcement risk extends.