[Kalshi Appeals, Predictive Market Compliance Dispute May Be Transferred to the U.S. Supreme Court] BlockBeats News, April 17, Thursday, the U.S. Ninth Circuit Court of Appeals heard oral arguments between attorneys representing predictive market platform Kalshi and Nevada authorities regarding Nevada's prohibition of the platform's event contracts. The appeal stems from a lower court ruling that banned Kalshi from offering certain event-based contracts in Nevada, based on the claim that Kalshi requires a license. The appellate court judges presiding over Thursday's oral arguments, along with Kalshi's attorneys, acknowledged that there have been multiple state-level enforcement actions against Kalshi and other predictive market platforms, including criminal charges filed in Arizona. However, last week, a federal court blocked Arizona authorities from applying the state's gambling laws to Kalshi's event contracts. "I believe existing case law clearly indicates that what we need to avoid here is state courts and federal courts simultaneously reviewing the exact same issue and potentially reaching different conclusions," said Colleen Sinzdak, representing Kalshi. Kalshi's core argument is that the platform's event contracts qualify as "swap" transactions and should fall under the jurisdiction of the Commodity Futures Trading Commission (CFTC), rather than state gambling regulators. CFTC Chairman Michael Selig supported this stance in the predictive market case involving Crypto.com and Nevada authorities. Coinbase Chief Legal Officer Paul Grewal predicted that the case might be appealed to the U.S. Supreme Court. "Questions raised during oral arguments are not reliable indicators of the court's inclinations. Regardless, I maintain my long-standing prediction that the Supreme Court will rule on whether sports contracts on designated contract markets fall under the exclusive jurisdiction of the CFTC as swap transactions.