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#Kalshi’sDisputewithNevada Kalshi, a U.S.-regulated prediction market platform, has been in a growing legal clash with Nevada regulators over whether its event-based contracts count as legal financial products or illegal gambling. ⚖️ Core Issue At the center is a simple question: Are Kalshi’s contracts “financial derivatives” or “sports betting”? Kalshi’s position: Its markets (e.g., “Will X happen?”) are federally regulated derivatives under the Commodity Futures Trading Commission (CFTC). Nevada’s position: Some of these contracts—especially those tied to sports or real-world outcomes—look like unlicensed sports betting, which is tightly controlled at the state level.