Bits + Bips: Is Kalshi Headed to the Supreme Court Next?
Speakers
Andy Ross
— Head of Institutional at Kalshi
Chris Perkins
— President, CoinFund
Austin Campbell
— Founder, Zero Knowledge Group; Co-host Bits+Bips (Unchained); Adj. Prof. NYU Stern
Summary
The panel discusses a Ninth Circuit ruling that Nevada may enforce gambling laws against Kalshi's sports event contracts, creating a circuit split and likely Supreme Court review. Kalshi's Andy Ross argues prediction markets differ from sportsbooks, support small-business hedging, and are growing rapidly. Chris Perkins explains the CFTC's view that event contracts are federally regulated derivatives.
- The Ninth Circuit ruled 3-0 that Nevada can apply gambling laws to Kalshi sports contracts.
- The ruling conflicts with an earlier Third Circuit ruling, creating a live circuit split.
- Andy Ross says Kalshi operates like a commodity exchange and welcomes winning traders.
- Kalshi reports growing volume, millions of users, and expansion from roughly 4,000 to 10,000 markets.
- Small businesses use Kalshi to hedge weather and other operating risks.
- Chris Perkins says the CFTC believes event contracts are federally regulated commodity derivatives.
- The episode includes a sponsored mention of 1inch Aqua for shared DEX liquidity.
