Maryland Attorney General Anthony Brown has issued a statement regarding Kalshi's appeal against the United States District Court for the District of Maryland, believing the Court's denial of a preliminary injunction in October "should be affirmed."
"Sports wagering contracts, such as Kalshi's, turn on the outcome of a sporting event-for instance, which team will win the game, or how well a player will perform-rather than on its occurrence," Brown said.
"Kalshi's contracts thus are not sports event contracts; they are sports outcome contracts. As the court concluded in Crypto.com, these 'self-certified contracts' therefore are not 'swaps' within the CFTC's exclusive jurisdiction."
Maryland Federal District Judge Adam Abelson originally denied Kalshi's motion for a preliminary injunction earlier in 2025, leading the exchange marketplace to appeal the decision on October 16.
Kalshi also filed a temporary restraining order against the Maryland Lottery and Gaming Control Commission (MLGCC) in April, which was eventually denied by a federal judge in August.
Kalshi has argued it continues to be a licensed and regulated exchange under the Commodity Futures Trading Commission (CFTC), meaning it would be governed by federal law as opposed to state regulation.
Brown continued: "Indeed, the Commodity Exchange Act and Maryland's sports wagering laws govern categorically different realms. The Commodity Exchange Act facilitates free and fair market transactions in commodity futures and swaps, while Maryland's sports wagering laws regulate a vice activity.
"As the district court concluded, Kalshi can simply obtain a license to offer sports wagering in Maryland and comply with the State's relevant sports wagering laws while still operating as a designated contract market under the CFTC."
Kalshi formed a new group of prediction market operators, named the Coalition for Prediction Markets, in partnership with Crypto.com on December 11.
The new group will reportedly dedicate itself to the preservation of a safe and federally supervised prediction market space - prioritizing transparency and openness within the sector. At the time of writing, the Coalition for Prediction Markets includes Kalshi, Crypto.com, Robinhood, Coinbase and Underdog.
Kalshi partnered with Phantom and Matchbook to launch UK prediction market operations, with Matchbook having confirmed to Global Gaming Insider its intent to debut the product in January
