According to CoinMeta, the U.S. Sixth Circuit of Appeals ruled against the prediction market Kalshi, supporting the regulation of sports event contracts by the states of Ohio and Tennessee. The court held that Kalshi failed to prove that its sports event contracts were "swap" contracts under the jurisdiction of the Commodity Futures Trading Commission (CFTC). This ruling follows a similar decision by the Ninth Circuit of Appeals last month, which contradicts the decision of the Third Circuit of Appeals, which allowed Kalshi to continue operating in New Jersey. This case may lead to consideration by the Supreme Court, as state legislators have submitted amicus curiae briefs supporting Kalshi to the Supreme Court, calling for its intervention to resolve the jurisdictional dispute between state regulators and federal agencies over prediction market companies.