Kalshi Seeks En Banc Review from Sixth Circuit Court on Ohio and Tennessee Rulings

On the 13th, the prediction market platform Kalshi submitted a petition for an en banc review to the U.S. Sixth Circuit Court of Appeals, requesting a re-examination of the panel's rulings in "Kalshi v. Ohio Schuler" and "Kalshi v. Tennessee Orgel." The panel ruled in late September not to issue a preliminary injunction against Ohio's gaming regulatory and enforcement agency, while also vacating a prior preliminary injunction against the relevant agency in Tennessee. In its petition, Kalshi stated that the panel misinterpreted the Commodity Exchange Act in two respects, including whether federal securities law takes precedence over state gaming law and whether sports event contracts constitute "swaps." Kalshi indicated that it is still waiting for the opportunity to petition the Supreme Court.