US Court of Appeals

Prediction market operator Kalshi has lost a ruling at the appeals court level concerning whether state regulators can oversee its prediction markets. The decision means states may retain authority to regulate or restrict certain event contracts, a setback for Kalshi's argument that federal law preempts state oversight of its business. The ruling is likely to shape ongoing disputes between prediction market platforms and state gaming and securities regulators.

The US Supreme Court has issued a ruling concerning a citizenship database, a decision that observers say points to a more significant legal battle still to come. The case is tied to an important appeal that could determine how citizenship records are used by authorities. Legal watchers are closely following the implications of the ruling.