According to *The Wall Street Journal*, two U.S. federal appellate courts have issued conflicting rulings on whether states can regulate Kalshi's sports event contracts. New Jersey has filed for a review by the U.S. Supreme Court. The core of the dispute is whether these contracts fall under federally regulated financial swaps or should be governed by state gambling laws. Approximately 70% of Kalshi's daily trading volume comes from sports-related projects; if states gain regulatory authority, Kalshi could face state taxes ranging from 10% to 51% on gambling revenue, along with other restrictions. https://(wublock123.com)/news/kalshi-sports-event-contracts-regulatory-dispute-supreme-court-68994