Kalshi, a prediction market platform, has appealed a Nevada ban on its event contracts, with the U.S. Court of Appeals for the Ninth Circuit hearing arguments on April 17. The dispute centers on whether Kalshi's contracts require a state license, following a lower court ruling against the platform. Kalshi argues its contracts are "swaps" under the Commodity Futures Trading Commission's (CFTC) jurisdiction, not state gambling laws. The case has seen multiple state enforcement actions, including blocked criminal charges in Arizona. Legal experts suggest the case could reach the U.S. Supreme Court.