2026-04-06 13:31:52 UTC / 路透社
作者：内特·雷蒙德
2026年4月6日 13:31 UTC 更新于32分钟前
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2020年8月18日摄于美国纽约曼哈顿的法槌插画。REUTERS/安德鲁·凯利/插画 购买授权，打开新标签页
- 法院裁定：美国商品期货交易委员会对卡尔希的体育赛事合约拥有专属管辖权
- 该裁决是联邦上诉法院首次就州与联邦对预测市场的监管权之争作出判决
- 持异议法官认为，卡尔希的产品类似于传统博彩
4月6日（路透社）——美国一家联邦上诉法院周一裁定，新泽西州博彩监管机构无权阻止该州居民使用卡尔希的预测市场平台，就体育赛事结果进行金融押注。
设于费城的美国第三巡回上诉法院由三名法官组成的合议庭以2比1的投票结果作出判决，打开新标签页，认定美国商品期货交易委员会（CFTC）对卡尔希平台上允许用户交易的体育赛事合约拥有专属管辖权。
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此次裁决是联邦上诉法院首次就州博彩监管机构监管预测市场运营商活动的权力升级争端中的核心问题作出判决。
这类平台允许用户就体育赛事、选举等事件进行交易并从预测结果中获利。各州认为，卡尔希这类公司在未获得 required 州执照的情况下开展业务，违反了包括禁止21岁以下人群下注在内的博彩法。
新泽西州是提出此类主张的州之一，该州去年向卡尔希发出停业通知书，称其平台上的体育赛事合约违反了该州禁止大学体育赛事押注的博彩法。
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卡尔希起诉该州，辩称其赛事合约属于掉期合约——一种衍生合约，根据《商品交易法》，此类合约只能由CFTC监管，而CFTC已授予该公司指定合约市场（DCM）运营牌照。
一名下级法院法官支持总部位于纽约的卡尔希，并发布了初步禁令，促使新泽西州提起上诉。但第三巡回上诉法院合议庭多数法官认为，《商品交易法》大概率优先于州法律适用。
“卡尔希的体育赛事合约是在CFTC授权的指定合约市场上交易的掉期合约，因此CFTC拥有专属管辖权，”美国巡回上诉法官戴维·波特写道。
该裁决与CFTC在唐纳德·特朗普政府时期其他诉讼中所持立场一致。该监管机构上周起诉亚利桑那州、康涅狄格州和伊利诺伊州，以阻止它们采取其所称的非法监管预测市场的行动。
“国会授予CFTC对指定合约市场交易的专属管辖权，此次判决肯定了国会的立法目标，”CFTC发言人布鲁克·内瑟科特在一份声明中表示。
卡尔希和新泽西州总检察长詹妮弗·达文波特的发言人未立即回应置评请求。
美国巡回上诉法官简·理查兹·罗斯持不同意见，称卡尔希在助长博彩行为，其“产品与DraftKings和FanDuel等在线体育博彩公司提供的博彩产品几乎没有区别”。
该问题还在其他多家法院待审，包括旧金山的另一家联邦上诉法院，该法院将于下周听取口头辩论。
内华达州一名法官周五表示，他将发布禁令，阻止卡尔希提供违反该州博彩法的基于事件的合约，马萨诸塞州一名法官也发布了类似裁决，目前该裁决因上诉而暂缓执行。
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New Jersey cannot regulate Kalshi’s prediction market, US appeals court rules
2026-04-06 13:31:52 UTC / Reuters
By Nate Raymond
April 6, 2026 1:31 PM UTC Updated 32 mins ago
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A gavel and block are shown in this illustration taken in Manhattan, New York City, U.S., August 18, 2020. REUTERS/Andrew Kelly/Illustration Purchase Licensing Rights, opens new tab
- CFTC has exclusive jurisdiction over Kalshi’s sports event contracts, court rules
- Ruling marks first federal appeals decision on state vs federal regulation of prediction markets
- Dissenting judge argues Kalshi’s offerings resemble traditional gambling
April 6 (Reuters) – A federal appeals court ruled on Monday that New Jersey gaming regulators cannot prevent Kalshi from allowing people in the state to use its prediction market to place financial bets on the outcome of sporting events.
A three-judge panel of the Philadelphia-based 3rd U.S. Circuit Court of Appeals ruled 2-1, opens new tab in finding that the U.S. Commodity Futures Trading Commission has exclusive jurisdiction over the sports-related event contracts that Kalshi allows people to trade on its platform.
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The ruling marked the first time a federal appeals court has ruled on what has become the central issue in an escalating battle over the ability of state gaming regulators to police the activity of prediction market operators.
The companies allow users to place trades and profit from predictions on events such as sports and elections. States argue that firms like Kalshi are operating without required state licenses, in violation of gaming laws, including bans on wagers by those under 21.
Those states include New Jersey, which last year sent Kalshi a cease-and-desist letter stating that its listing of sports-related event contracts on its platform violated state gambling laws that prohibit betting on collegiate sports.
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Kalshi sued the state, arguing its event contracts qualify as “swaps,” a type of derivative contract, that under the Commodity Exchange Act can only be regulated by the CFTC, which had granted the company a license to operate a designated contract market (DCM).
A lower-court judge had sided with New York-based Kalshi and issued a preliminary injunction, prompting New Jersey to appeal. But a majority of the judges on the 3rd Circuit panel concluded the Commodity Exchange Act likely preempted state law.
“Kalshi’s sports-related event contracts are swaps traded on a CFTC-licensed DCM, so the CFTC has exclusive jurisdiction,” U.S. Circuit Judge David Porter wrote.
The ruling was in line with the position advanced in other litigation by the CFTC under President Donald Trump’s administration. The regulator last week sued Arizona, Connecticut and Illinois to prevent them from pursuing what it called unlawful efforts to regulate prediction markets.
“Congress gave the CFTC exclusive jurisdiction over trades on DCMs, and this decision affirms the goals of Congress,” CFTC spokesperson Brooke Nethercott said in a statement.
Spokespeople for Kalshi and New Jersey Attorney General Jennifer Davenport did not immediately respond to requests for comment.
U.S. Circuit Judge Jane Richards Roth dissented, saying Kalshi is facilitating gambling and that its “offerings were virtually indistinguishable from the betting products available on online sportsbooks, such as DraftKings and FanDuel.”
The issue is pending before several other courts, including a different federal appeals court in San Francisco that is set to hear arguments next week.
A Nevada judge on Friday said he would issue an injunction preventing Kalshi from offering event-based contracts that run afoul of state gaming law, and a Massachusetts judge had issued a similar ruling that is on hold pending appeal.
Reporting by Nate Raymond in Boston; additional reporting by Chris Prentice; Editing by Andrea Ricci, Alexia Garamfalvi and Bill Berkrot
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