⚖ Oral Arguments, with Context

Real court arguments, crisp audio, with context.

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KalshiEX LLC v. Matthew T. Schuler, et al. / KalshiEX LLC v. William Orgel, et al. — 6th Cir. (argued July 30, 2026)

No. 26-3196 / 26-5235 Argued July 30, 2026 Published August 30, 2026

The Sixth Circuit hears two appeals together over Kalshi's sports-event contracts. A federal court in Ohio refused to block state enforcement; a federal court in Tennessee did block it. Kalshi says federal commodities law gives the CFTC exclusive authority over contracts traded on its exchange. The states say sports wagers are not swaps and remain subject to state gambling law. Both rulings are preliminary; this panel has not decided either appeal.

KalshiEX LLC v. Matthew T. Schuler, et al. / KalshiEX LLC v. William Orgel, et al. (No. 26-3196 / 26-5235) — U.S. Court of Appeals for the Sixth Circuit, argued July 30, 2026.

Sources
Argument audio — U.S. Court of Appeals for the Sixth Circuit (public domain, 17 U.S.C. § 105):https://www.opn.ca6.uscourts.gov/internet/court_audio/audio/07-30-2026%20-%20Thursday/26-3196%20KalshiEX%20LLC%20v%20Matthew%20Schuler.mp3
Argument listing — U.S. Court of Appeals for the Sixth Circuit:https://www.opn.ca6.uscourts.gov/internet/court_audio/aud1.php
Ohio preliminary-injunction order — U.S. District Court for the Southern District of Ohio:https://www.govinfo.gov/content/pkg/USCOURTS-ohsd-2_25-cv-01165/pdf/USCOURTS-ohsd-2_25-cv-01165-0.pdf
Tennessee preliminary-injunction order — U.S. District Court for the Middle District of Tennessee:https://www.govinfo.gov/content/pkg/USCOURTS-tnmd-3_26-cv-00034/pdf/USCOURTS-tnmd-3_26-cv-00034-0.pdf
Designated contract markets — CFTC:https://www.cftc.gov/IndustryOversight/TradingOrganizations/DCMs/index.htm
KalshiEX designation — CFTC:https://www.cftc.gov/PressRoom/PressReleases/8302-20
Tennessee appeal explanation — Tennessee Attorney General:https://www.tn.gov/attorneygeneral/news/2026/5/26/pr26-22.html
Tennessee opening brief — Tennessee Attorney General:https://www.tn.gov/content/dam/tn/attorneygeneral/documents/pr/2026/pr26-22-brief.pdf
William E. Havemann — Milbank LLP:https://www.milbank.com/en/professionals/will-havemann.html
Mathura J. Sridharan — Ohio Attorney General:https://www.ohioattorneygeneral.gov/About-AG/Service-Divisions/Office-of-the-Solicitor-General
Argument report — SBC Americas:https://sbcamericas.com/2026/07/30/kalshi-sixth-circuit-ohio-tennessee/
Murphy v. NCAA — Supreme Court of the United States:https://www.supremecourt.gov/opinions/17pdf/16-476_dbfi.pdf
Gade v. National Solid Wastes Management Ass'n — U.S. Reports:https://tile.loc.gov/storage-services/service/ll/usrep/usrep505/usrep505088/usrep505088.pdf
Loper Bright Enterprises v. Raimondo — Supreme Court of the United States:https://www.supremecourt.gov/opinions/23pdf/22-451_7m58.pdf
Loper Bright and agency deference — Congressional Research Service:https://www.congress.gov/crs_external_products/R/PDF/R48320/R48320.1.pdf
Pending case report — Southern District of Ohio appeals:https://www.opn.ca6.uscourts.gov/case_reports/rptPendingDistrict_OHS.pdf
Pending case report — Middle District of Tennessee appeals:https://www.opn.ca6.uscourts.gov/case_reports/rptPendingDistrict_TNM.pdf

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