According to @iampaulgrewal, Judge Corley determined that the court lacks jurisdiction to decide whether Kalshi’s event contracts violate the Commodity Exchange Act and that such determinations belong to the CFTC, which has exclusive jurisdiction over its contract markets. Source: @iampaulgrewal. For traders, this channels compliance and listing risk for Kalshi-style event contracts through CFTC processes and decisions rather than federal court, making CFTC rulemaking, guidance, and enforcement the primary drivers to monitor. Source: @iampaulgrewal.