Another appeals court rules against prediction market provider Kalshi, says sports contracts are subject to state regulations
Published . Updated .
A Sixth Circuit Court of Appeals panel ruled that prediction markets' sports-related events contracts are not swaps, and therefore aren't subject to federal regulatory oversight.
Directly affected
- No company is named in this report.
Indirectly affected
- KBE SPDR SER TR STATE STREET SPDR S&P BK ETF
GA selected KBE as a RELATED security because its canonical security name directly matches this event's themes: state. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article.
- XHB STATE STREET SPDR S&P HOMEBUILDERS ETF
GA selected XHB as a RELATED security because its canonical security name directly matches this event's themes: state. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article.
- XOP STATE STREET SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETF
GA selected XOP as a RELATED security because its canonical security name directly matches this event's themes: state. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article.
- CWI STATE STREET SPDR MSCI ACWI EX US ETF
GA selected CWI as a RELATED security because its canonical security name directly matches this event's themes: state. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article.
- DGT STATE STREET SPDR GLOBAL DOW ETF
GA selected DGT as a RELATED security because its canonical security name directly matches this event's themes: state. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article.
Price reaction, T-5 to T+3
A Sixth Circuit Court of Appeals panel ruled that prediction markets' sports-related events contracts are not swaps, and therefore aren't subject to federal regulatory oversight.
Source: CoinDesk
Price since this story was published: Spdr Ser Tr State Street Spdr S&P Bk Etf (KBE)
Since the first closing price after “Another appeals court rules against prediction market provider Kalshi, says sports contracts are subject to state regulations,” Spdr Ser Tr State Street Spdr S&P Bk Etf (KBE) is -2.12%. The S&P 500 fund (SPY) is +0.15% over the same days, a -2.26% difference versus the market.
Who gains and who loses around Spdr Ser Tr State Street Spdr S&P Bk Etf (KBE)
Companies carried with this story
- KBE Spdr Ser Tr State Street Spdr S&P Bk Etf
Spdr Ser Tr State Street Spdr S&P Bk Etf (KBE) is linked, with no stored direction, medium confidence in the 25 Sep 2026 story “Another appeals court rules against prediction market provider Kalshi, says sports contracts are subject to state regulations.” Reason on file: GA selected KBE as a RELATED security because its canonical security name directly matches this event's themes: state. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article
- SPY Spdr S&P 500 Etf Trust
For “Another appeals court rules against prediction market provider Kalshi, says sports contracts are subject to state regulations,” Spdr S&P 500 Etf Trust (SPY) is linked, with no stored direction, medium confidence. Reason on file: GA selected SPY as a RELATED security because its canonical security name directly matches this event's themes: state. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article
- XHB State Street Spdr S&P Homebuilders Etf
For “Another appeals court rules against prediction market provider Kalshi, says sports contracts are subject to state regulations,” State Street Spdr S&P Homebuilders Etf (XHB) is linked, with no stored direction, medium confidence. Reason on file: GA selected XHB as a RELATED security because its canonical security name directly matches this event's themes: state. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article
- XOP State Street Spdr S&P Oil & Gas Exploration & Production Etf
State Street Spdr S&P Oil & Gas Exploration & Production Etf (XOP) is linked, with no stored direction, medium confidence in the 25 Sep 2026 story “Another appeals court rules against prediction market provider Kalshi, says sports contracts are subject to state regulations.” Reason on file: GA selected XOP as a RELATED security because its canonical security name directly matches this event's themes: state. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article
- CWI State Street Spdr Msci Acwi Ex Us Etf
State Street Spdr Msci Acwi Ex Us Etf (CWI) is linked, with no stored direction, medium confidence in the 25 Sep 2026 story “Another appeals court rules against prediction market provider Kalshi, says sports contracts are subject to state regulations.” Reason on file: GA selected CWI as a RELATED security because its canonical security name directly matches this event's themes: state. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article
- DGT State Street Spdr Global Dow Etf
For “Another appeals court rules against prediction market provider Kalshi, says sports contracts are subject to state regulations,” State Street Spdr Global Dow Etf (DGT) is linked, with no stored direction, medium confidence. Reason on file: GA selected DGT as a RELATED security because its canonical security name directly matches this event's themes: state. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article
Spdr Ser Tr State Street Spdr S&P Bk Etf (KBE)
The 25 Sep 2026 story “Another appeals court rules against prediction market provider Kalshi, says sports contracts are subject to state regulations” names Spdr Ser Tr State Street Spdr S&P Bk Etf (KBE) because of this story.
The link for Spdr Ser Tr State Street Spdr S&P Bk Etf (KBE) is this: GA selected KBE as a RELATED security because its canonical security name directly matches this event's themes: state. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article
A second company, Spdr S&P 500 Etf Trust (SPY), is listed for a different reason: GA selected SPY as a RELATED security because its canonical security name directly matches this event's themes: state. This is an explainable DERIVED market relationship, not a claim that the security was named in the source article
The price range for Spdr Ser Tr State Street Spdr S&P Bk Etf (KBE), and the dates in the story
KBE traded between 61.81 and 66.63 across 20 sessions. The latest close on file is 63.14. SPY traded between 758.80 and 781.59 across 20 sessions. The latest close on file is 766.60. XHB traded between 91.93 and 99.68 across 20 sessions. The latest close on file is 94.11.
What the saved facts support for Spdr Ser Tr State Street Spdr S&P Bk Etf (KBE)
46 out of 100
“Another appeals court rules against prediction market provider Kalshi, says sports contracts are subject to state regulations” scores 46 out of 100. The score uses 1 sources, and 6 linked companies.