卡尔希败诉，或引发最高法院案件

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卡尔希败诉，或引发最高法院案件

2026-09-27 00:14:43

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预测市场Kalshi在上诉中败诉，法院裁定俄亥俄州和田纳西州可依据州赌博法监管体育赛事合约

美国第六巡回上诉法院于周五作出裁决，驳回了Kalshi的上诉请求。由三名法官组成的合议庭一致支持俄亥俄州和田纳西州的立场，认定该预测市场未能证明其体育赛事合约属于商品期货交易委员会（CFTC）管辖范围内的“互换合约”。

这一判决与此前第九巡回上诉法院在上个月的类似裁决相呼应，但与第三巡回上诉法院今年4月的一项决定形成对比——后者曾允许Kalshi在新泽西州开展业务。当时第三巡回法院认为，Kalshi提出的“联邦法律优先于新泽西州法规”的主张具有胜诉可能性。随着上诉程序的推进，这些相互矛盾的裁决为案件最终可能提交至美国最高法院埋下了伏笔。

据媒体报道，一组州立法者已向最高法院提交法庭之友意见书，敦促法院介入Kalshi与州博彩监管机构之间的争议，从而明确预测市场公司究竟受州当局还是联邦机构管辖。

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