The CFTC has issued an interim final rule and a separate proposal on event contracts, adding regulatory action to a dispute that states, the NFL and others are urging the U.S. Supreme Court to hear. The justices have not said whether they will take up the fight over whether sports-based contracts fall under federal swaps oversight or state gambling laws.

The competing arguments over state authority and Kalshi’s contracts arrive alongside an appellate split. The outcome could affect whether prediction-market operators can rely on a federal regulatory framework or face state gambling rules.

Among those filing briefs urging Supreme Court review were former Senator Chris Dodd, former CFTC and SEC Chair Gary Gensler, the NFL, 39 states and the District of Columbia, and 145 tribal nations.…