Ex-CFTC Chair Gary Gensler urges appeals court to reject Kalshi federal sports betting claims

Former CFTC Chair Gary Gensler is urging a federal appeals court to reject Kalshi's claims, supporting Ohio regulators instead. Gensler asserts that sports bets do not constitute swaps and argues that such betting is not a matter for federal financial regulators. He maintains that those claiming otherwise are flat wrong, drawing on his two decades of experience overseeing Wall Street to challenge the legal position taken by Kalshi regarding federal oversight of sports betting.