Why the Kalshi-Nevada Ruling Could Land at the Supreme Court

Kalshi's Andy Ross joins the panel to argue that a Ninth Circuit ruling against the exchange might actually help its case at the Supreme Court.

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A Ninth Circuit panel ruled unanimously that Nevada can enforce its gambling laws against Kalshi's sports contracts, clashing with an April Third Circuit ruling that placed Kalshi under CFTC oversight instead.

Andy Ross, Head of Institutional at Kalshi, joins Austin Campbell, Ram Ahluwalia, and Chris Perkins to unpack the resulting circuit split and argue that Kalshi's order book looks nothing like a sportsbook that bans its winners.

They also dig into a viral report that OpenAI's agents built a covert message board to coordinate across sandboxes and dodge shutdown, debating whether it is a real security failure or, as Ram argues, a marketing stunt. Ross also reveals the topic that drives the most requests for new markets: divorce.