- Tennessee AG Jonathan Skrmetti filed an opening brief in the Sixth Circuit seeking to reverse a preliminary injunction that blocked Tennessee from enforcing its sports wagering laws against KalshiEX LLC.
- Kalshi offers contracts tied to sports outcomes, including game winners, player performance, and point spreads. Tennessee argues those products mirror offerings from licensed sportsbooks while sidestepping the state’s licensing, consumer protection, and tax requirements.
- At issue is whether Kalshi’s contracts are federally regulated “swaps” under the Dodd-Frank Act. Tennessee argues the law was designed for financial-risk instruments—not sports betting—and does not preempt state authority to regulate sports wagering.
- The Tennessee appeal follows similar AG scrutiny of Kalshi in other states. Previously, we reported on AG actions in Massachusetts, Michigan, Arizona, and Washington alleging that Kalshi’s event contracts violate state gambling laws.