According to CoinMeta, a federal judge in the United States ruled that the sports event contracts of Kalshi do not fall under the category of swaps under the Commodity Exchange Act, and therefore CFTC does not have exclusive jurisdiction over them. The ruling stated that sports event contracts account for 80% to 90% of the contracts listed on the Kalshi platform and its revenue, and CFTC has never reviewed any of these contracts in accordance with the relevant special regulations. Coinbase Financial Markets also lost the case for the same reason; it offered Kalshi contracts through its platform in January, operating as a futures broker rather than a designated contract market, and Connecticut had not previously issued any orders to it to stop or terminate such activities. At the hearing in February, the value of these contracts was estimated at approximately $11 billion, with about 24,000 users in that state.