Sports-event contracts make up somewhere between 80% and 90% of Kalshi’s entire contract volume, and they contribute a similar share of revenue. It started offering Kalshi’s contracts as a futures commission merchant back in January 2026, and while Connecticut didn’t come after Coinbase directly with a cease-and-desist, the platform still lost a related motion. A Kalshi spokesperson said the company disagrees with the Connecticut ruling and is weighing its legal options. Frequently Asked Questions What did the Connecticut federal judge rule about Kalshi’s sports contracts? Judge Vernon D. Oliver ruled that Kalshi’s sports-event contracts are not swaps under the Commodity Exchange Act, meaning the CFTC does not hold exclusive jurisdiction over them.