New Jersey appeals Kalshi ruling to U.S. Supreme Court

New Jersey has taken its legal fight against prediction market platform Kalshi to the U.S. Supreme Court, Crypto Briefing reported. The state filed a petition for certiorari asking the court to review a Third Circuit ruling that stripped state authorities of their power to enforce gambling regulations on the grounds of federal law. New Jersey argues Kalshi is selling sports-betting-like products without state approval, while Kalshi maintains its products are swaps governed by the Commodity Exchange Act and therefore are not subject to state gambling laws. The Third Circuit previously sided with Kalshi, finding federal law preempts state law for contracts traded on CFTC-designated markets.