[Kalshi Sports Event Contract Regulatory Dispute May Be Submitted to the U.S. Supreme Court] According to a report by Golden Finance on September 25, citing The Wall Street Journal, two U.S. federal appellate courts have issued conflicting rulings on whether states can regulate Kalshi sports event contracts. New Jersey has filed a petition for the U.S. Supreme Court to review the case. 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 contracts; if states gain regulatory authority, Kalshi may face state taxes ranging from 10% to 51% on gambling revenue, as well as other restrictions.