Bits + Bips: Is Kalshi Headed to the Supreme Court Next?

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.