Kalshi's sports-related event contracts are classified as swaps and are traded on a Designated Contract Market (DCM) licensed by the Commodity Futures Trading Commission (CFTC). This classification grants the CFTC exclusive jurisdiction over these contracts, ensuring regulatory oversight and compliance with federal trading standards. Kalshi's platform, known for offering event-based contracts, operates under this regulatory framework, highlighting the importance of CFTC's role in maintaining market integrity.