The U.S. federal judge ruled that the kalshi sports contract was not a swap and that the CFTC had no exclusive jurisdiction. Right

The United States Federal Judge Vernon D. Oliver ruled that the contract for the sporting event in Kalshi was not a swap under the Merchandise Trading Act, and CFTC therefore did not have exclusive jurisdiction. The award stated that the sports contract represented between 80 and 90 per cent of the contract and collection for the Kalshi platform and that the CFTC had never reviewed any of the contracts in accordance with the relevant special rules. In January, Coinbase Financial Markets, who had been unsuccessful for the same reason, provided the Kalshi contract through the platform, with identity as a commissioner rather than a designated contract market, to which Connecticut had not previously issued a cessation and termination order. Kalshi valued about $11 billion at the February hearing and about 24,000 users in the state。