The Ninth Circuit Court's perspective on Kalshi's sports event contracts is super interesting: Kalshi has consistently emphasized that event contracts for sports games are 'swaps,' a type of financial derivative regulated solely by the CFTC. But the Ninth Circuit Court argued that this defies common sense, citing Kalshi's own tagline: 'The first app for legal sports betting in all 50 states' to counter their claim. The judge's writing is top-notch: No matter what you call it, a contract tied to the outcome of an event is essentially gambling. 'A rose by any other name would smell as sweet.' — Shakespeare, *Romeo and Juliet* The judge explained that true swaps serve purposes beyond gambling—they hedge risks tied to real-world financial outcomes, like rising interest rates or falling stock prices. In contrast, Kalshi's event contracts don't help institutions or investors hedge risks. Instead, they create risk, primarily targeting everyday consumers, introducing risks that didn't exist before.