Supreme Court
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Ninth Circuit Turns Prediction Markets Into a State-Gambling Control Fight
The Ninth Circuit affirmed in part the dissolution of Kalshi’s injunction against Nevada, holding that Kalshi had not shown the Commodity Exchange Act preempts Nevada gaming law for sports-event contracts. The panel treated the sports products as sports bets rather than CFTC-protected swaps, while remanding the election-contract issue. The decision conflicts with the Third Circuit’s April ruling favoring Kalshi’s preemption theory, increasing the odds of Supreme Court review.
Published Aug 29, 2026
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Panama Voids the Canal Gateway Deal — This Isn’t About Ships, It’s About Permission
Panama’s Supreme Court ruled the CK Hutchison-linked port concession at Balboa and Cristóbal unconstitutional, resetting the legal wrapper over a strategic chokepoint. This is a permission-stack event: ports as throttle points, cap-table geopolitics, and the U.S. ownership turn colliding in one ruling.
Published Jan 29, 2026
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Gold at $4,600 Isn’t “Inflation” — It’s a Liquidity Regime + Governance Risk Reprice
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Published Jan 12, 2026