2026-08-28 17:40:53 UTC / 路透社
作者：乔纳森·斯坦普尔与内特·雷蒙德
2026年8月28日 17:40 UTC 更新于20分钟前
- 第九巡回法院称联邦法律未优先于内华达州的博彩许可证要求
- 该判决造成上诉法院间的意见分歧，增加了最高法院介入审查的可能性
- 卡尔希、内华达州和商品期货交易委员会均未置评
8月28日（路透社）——美国一家联邦上诉法院裁定，卡尔希无法阻止内华达州博彩监管机构对其预测市场平台进行监管，这使得一场关于此类平台是否构成非法赌博以及应由谁负责监管的全国性争议进一步升级。
旧金山美国第九巡回上诉法院以3票全票通过的判决表示，卡尔希不太可能证明联邦《商品交易法》优先于内华达州要求其获得博彩许可证才能推出让用户对体育赛事结果下注的合约。
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周五的判决与美国第三巡回上诉法院的立场产生分歧。费城第三巡回上诉法院在4月6日一项存在分歧的判决中称，新泽西州无权监管卡尔希的平台。
这一判决增加了最高法院最终裁决应由各州还是美国商品期货交易委员会（CFTC）监管这个快速发展的预测市场行业的可能性。
在共和党总统唐纳德·特朗普执政期间，CFTC曾声称对预测市场拥有独家监管权，并挑战了包括纽约在内的九个州的监管行动。
目前至少有四个州——内华达州、马萨诸塞州、密歇根州和华盛顿州——已获得法院禁令限制卡尔希的业务活动。新泽西州有至9月3日的时间对第三巡回法院的判决提起上诉。
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卡尔希和CFTC未立即回应置评请求。
代表内华达州博彩管制委员会参与此案的迈耶布朗律师事务所律师妮可·萨哈尔斯基表示：“法院证实了自始至终都很明确的一点——各州负责监管体育博彩，而CFTC与此无关。”
自2024年美国总统大选以来，卡尔希、Polymarket、Coinbase（COIN.O）、Gemini Titan（GEMI.O）等公司推出的预测市场人气飙升。在那次大选中，它们对特朗普击败民主党人卡玛拉·哈里斯的预测结果比民调机构更为准确。
尽管卡尔希平台最广为人知的功能是允许体育博彩，但该平台还允许用户对选举、经济、天气以及奥斯卡得主等文化活动下注。
法官：CFTC并非全国博彩监管机构
卡尔希和CFTC曾表示，体育赛事合约属于2010年《多德-弗兰克金融改革法案》中定义的“掉期合约”，因此CFTC有权通过监管全国掉期市场的权限对其进行监管。
（此处为占位符链接，原文未提供有效内容）
然而，巡回法院法官瑞安·纳尔逊表示，卡尔希的合约具有体育博彩的特征，这是“典型的赌博形式”，而CFTC并不对此类活动进行监管。
他还指出，卡尔希甚至曾宣传自己是“全美50个州首款合法体育博彩应用”。
纳尔逊写道：“因此，很难得出结论称国会意图通过华尔街改革法案中对词汇的宽泛定义，颠覆其数十年来对赌博的审慎监管框架。”
“CFTC并非全国博彩监管机构，”纳尔逊补充道，“在该法案通过十多年后，才有人提出这一主张。”
周五合议庭的三名法官均为特朗普任命的官员。审理新泽西州案件的上诉法院法官也均由共和党总统任命。
亚利桑那州总检察长克里斯·梅斯曾于3月提起刑事指控，称卡尔希经营非法博彩业务。他表示：“将体育赌注称为‘掉期合约’并不能改变其本质。金融改革立法从未旨在剥夺各州传统的赌博监管警察权，我很高兴法院明确了这一点。”
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周五的判决维持了2025年11月拉斯维加斯联邦法院首席法官安德鲁·戈登的裁决，撤销了七个月前允许卡尔希在内华达州继续提供体育赛事合约的禁令。
戈登最初的禁令并未涉及卡尔希的选举合约，纳尔逊表示这些合约在内华达州法律下属于非法，且在卡尔希业务中占比很小。上诉法院将案件发回戈登，由其重新审查这些选举合约。
乔纳森·斯坦普尔 纽约、内特·雷蒙德 波士顿报道；辛西娅·奥斯特曼 编辑
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Kalshi cannot block Nevada oversight of prediction markets, US appeals court rules
2026-08-28 17:40:53 UTC / Reuters
By Jonathan Stempel and Nate Raymond
August 28, 2026 5:40 PM UTC Updated 20 mins ago
Kalshi logo is seen in this illustration taken, August 3, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
- 9th Circuit says federal law does not preempt Nevada gaming license
- Decision creates split among appeals courts, increasing chance of Supreme Court review
- Kalshi, Nevada, CFTC not available for comment
Aug 28 (Reuters) – A federal appeals court said Kalshi cannot block Nevada gaming regulators from overseeing its prediction markets platform, raising the stakes in a nationwide battle over whether such platforms allow illegal gambling and who may regulate them.
In a 3-0 decision, the 9th U.S. Circuit Court of Appeals in San Francisco said Kalshi was unlikely to show that the federal Commodity Exchange Act preempted Nevada from requiring a gaming license to offer contracts that let people bet on the outcomes of sports events.
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Friday’s decision creates a split with the 3rd U.S. Circuit Court of Appeals in Philadelphia, which in a divided April 6 ruling said New Jersey cannot regulate Kalshi’s platform.
It increases the possibility that the Supreme Court may eventually decide whether states or the U.S. Commodity Futures Trading Commission should regulate the fast-growing prediction markets industry.
The CFTC, under Republican President Donald Trump, has claimed exclusive oversight of prediction markets and challenged regulatory activity in nine states, including New York.
At least four states — Nevada, Massachusetts, Michigan and Washington — have won court orders restricting Kalshi’s activities. New Jersey has until September 3 to appeal the 3rd Circuit decision.
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Kalshi and the CFTC did not immediately respond to requests for comment.
“The court confirmed what has been clear since the beginning — that states regulate sports betting, and the CFTC has nothing to do with it,” said Nicole Saharsky, a lawyer with Mayer Brown who argued the case for the Nevada Gaming Control Board.
Prediction markets offered by Kalshi, Polymarket, Coinbase (COIN.O), Gemini Titan (GEMI.O) and others have soared in popularity since the U.S. presidential election in 2024, when they fared better than pollsters in predicting Trump’s victory over Democrat Kamala Harris.
Though best known for allowing sports wagers, Kalshi’s platform alone also lets people wager on elections, economics, the weather and cultural events such as who will win the Oscars.
CFTC NOT A NATIONAL GAMBLING REGULATOR, JUDGE SAYS
Kalshi and the CFTC have said sports event contracts are “swaps” under the 2010 Dodd-Frank financial reforms, affording the agency oversight through its authority to regulate national swaps markets.
blob:https://www.reuters.com/6e555a7b-3af1-4bc5-a583-93278b67738f
Circuit Judge Ryan Nelson, however, said Kalshi’s contracts have the hallmarks of sports betting, “a quintessential form of gambling” that the CFTC does not regulate.
He also said Kalshi even advertised itself as “the first app for legal sports betting” in all 50 U.S. states.
“It is difficult, then, to conclude that Congress intended to upend its decades of careful regulation of gambling based on broad definitions of the words used in a Wall Street Reform Bill,” Nelson wrote.
“The CFTC is not a national gambling regulator,” Nelson added. “No one suggested it was until over a decade after the law was passed.”
All three judges on Friday’s panel are Trump appointees. The appeals court judges who decided the New Jersey case were appointed by Republican presidents.
“Calling a sports bet a ‘swap’ doesn’t make it one,” said Arizona Attorney General Kris Mayes, who in March filed criminal charges accusing Kalshi of running an illegal gambling business. “Financial reform legislation was never intended to strip states of their traditional police power over gambling, and I’m glad the court said so clearly.”
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Friday’s decision upheld a November 2025 ruling by Chief Judge Andrew Gordon in Las Vegas federal court, dissolving an injunction from seven months earlier that let Kalshi continue offering sports event contracts in Nevada.
Gordon’s original injunction did not address Kalshi’s election contracts, which Nelson said are illegal under Nevada law and a much smaller part of Kalshi’s business. The appeals court returned the case to him to review those contracts.
Reporting by Jonathan Stempel in New York and Nate Raymond in Boston; Editing by Cynthia Osterman
Our Standards: The Thomson Reuters Trust Principles.
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