On September 25, 2026, the U.S. Court of Appeals for the Sixth Circuit ruled in KalshiEx LLC v. Schuler that sports event contracts are not swaps under federal law and that the Commodity Exchange Act does not preempt Ohio sports gaming laws

Futures, options, and perpetual swaps tied to digital-asset prices, letting traders hedge or lever positions and often dwarfing spot volumes.

Court decisions that shape digital-asset law, from Ripple and Coinbase rulings on securities status to criminal verdicts against exchange founders.