Federal appeals courts have split on whether federal law preempts state gambling laws for sports event contracts, with the 6th and 9th Circuits ruling against Kalshi and the 3rd Circuit ruling for Kalshi

How governments worldwide set rules for digital assets through legislation, agency rulemaking, licensing regimes and court fights.

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