[Kalshi Loses Appeal in Prediction Market Case, May Submit to Supreme Court for Review] According to a report by Cointelegraph on September 26, as cited by Jinse Finance, a three-judge panel of the U.S. Sixth Circuit Court of Appeals unanimously ruled that Ohio and Tennessee can regulate Kalshi's sports event contracts under their respective state gambling laws. The court determined that the prediction market failed to prove its sports contracts qualify as 'swap' products under the jurisdiction of the CFTC. This ruling aligns with the conclusion reached by the Ninth Circuit Court of Appeals last month. However, in April, the Third Circuit Court of Appeals ruled that Kalshi could operate in New Jersey during the litigation, creating a circuit split and paving the way for a potential Supreme Court review. The report also noted that multiple state lawmakers have submitted amicus briefs to the Supreme Court, requesting a decision on the jurisdictional authority over prediction markets between state and federal agencies.