美国第六巡回上诉法院于周五裁定，各州有权对预测市场平台上的体育相关赛事合同进行监管。这一裁决标志着该行业遭遇了第二次重大法律挫折，因为美国最高法院的裁决即将到来。
The 6th U.S. Circuit Court of Appeals ruled on Friday that states have a right to regulate sports-related event contracts on prediction market platforms, marking a second major legal defeat for the industry as a fight at the U.S. Supreme Court looms.
在一致通过的判决中，由三名法官组成的审判小组表示，俄亥俄州和田纳西州有权将各自的赌博法规应用于 Kalshi 公司的体育相关赛事合同。
In a unanimous decision, the three judge panel said that Ohio and Tennessee are permitted to apply their state gambling laws to Kalshi's sports-related event contracts.
判决书中写道：“我们认为，Kalshi 并未证明其体育赛事合同符合‘互换’（swap）的法律定义，因此不属于商品期货交易委员会（CFTC）的管辖范围。”
"We hold that Kalshi has not shown that its sports-event contracts satisfy the statutory definition of a 'swap' so as to fall within the scope of the CFTC's 'exclusive jurisdiction,'" the opinion said.
Kalshi 及其他预测市场平台主张，所有赛事合同都属于金融衍生品（即‘互换’），应受 CFTC 的监管；而各州则认为这些平台提供的服务属于赌博行为，因此应受各自关于体育博彩的法律法规的约束。
Kalshi and other prediction market platforms argue all event contracts are swaps a type of financial derivative that is regulated by the Commodity Futures Trading Commission However, states assert that platforms' sports-related offerings amount to gambling and thus should be regulated by their laws related to sports betting.
这一分歧引发了全国性的法律纠纷：各州起诉这些平台，指控其从事非法赌博活动；同时，这些平台也起诉各州，要求阻止其执行本应属于联邦监管范围的法律法规。
This disagreement has spawned a legal battle across the country as states sue platforms for operating what they often claim are illegal gambling operations, while exchanges also sue states to block them from enforcing local laws on what they argue should be federally-regulated financial exchanges.
CFTC 曾起诉九个州，以维护其根据《商品交易法》所享有的对赛事合同进行监管的专属权力。但第六巡回上诉法院驳回了这一主张。
The CFTC has sued nine states to defend what it believes is its exclusive right to regulate event contracts, given to it by the Commodity Exchange Act. But the 6th Circuit panel rejected that notion.
判决书指出：“即便假设 Kalshi 的体育赛事合同属于‘互换’，我们也认为《商品交易法》既未明确也未暗示性地剥夺了俄亥俄州或田纳西州的赌博监管权。”该裁决推翻了田纳西州联邦地方法院支持 Kalshi 的判决，并重申了俄亥俄州联邦地方法院支持各州观点的裁决。
"Even assuming that Kalshi's sports-event contracts are swaps, we alternatively hold that the CEA neither expressly nor impliedly preempts Ohio's or Tennessee's gambling laws," the opinion said. The decision overturns a Tennessee federal district court ruling that sided with Kalshi, and reaffirms a decision by a federal district court in Ohio that sided with the states' argument.
Kalshi 公司及 CFTC 都未立即对相关评论请求作出回应。CNBC 也联系了俄亥俄州和田纳西州的司法部，要求他们发表评论。
Kalshi nor the CFTC immediately responded to requests for comment. CNBC has also reached out to the Ohio and Tennessee attorneys general offices for comments.
最新裁决意味着这些预测市场平台在上诉法院层面的法律斗争中已经遭遇了两次失败。美国第九巡回上诉法院上个月裁定，内华达州有权监管与体育赛事相关的合同，认为这些合同属于体育博彩行为，而非金融衍生品（即“互换合约”）。与此同时，美国第三巡回上诉法院在四月份也作出了不利于新泽西州的裁决，指出美国商品期货交易委员会（CFTC）拥有监管所有此类合约的专属权力，无论合约的具体类型如何。
The latest ruling now means prediction market platforms have notched two losses in legal fights at the appeals court level. The 9th U.S. Circuit Court of Appeals ruled last month that Nevada has a right to regulate sports-related event contracts, stating that they were sports bets and not swaps. Meanwhile, the 3rd U.S. Circuit Court of Appeals ruled against New Jersey in April and said the CFTC has the exclusive right to regulate all swaps, no matter the contract type.
新泽西州本月早些时候向最高法院提交了上诉申请。目前尚不清楚最高法院是否会立即受理此案，还是会等待其他巡回法院就体育赛事相关合同问题作出进一步裁决后再采取行动。
New Jersey appealed that decision in a petition to the Supreme Court earlier this month. It is not clear whether the Supreme Court will take up the case now, or wait until further decisions from circuit courts on the issue of sports-related event contracts are delivered.
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