A Ninth Circuit ruling found that Nevada can enforce its gambling law against Kalshi, escalating the legal battle over whether federal regulation preempts state action on event contracts. The decision has fueled debate over whether a loss at the appellate level could improve Kalshi’s chances of seeking Supreme Court review. Discussion around the ruling also centered on the CFTC’s view that it holds federal preemption authority over event contracts, as well as the legal distinction between swaps and futures. The episode further highlighted Kalshi’s product expansion plans, including gold, FX, rates, and prospective AI markets.