新泽西州提请最高法院裁决预测市场属体育博彩还是互换合约
New Jersey Asks Supreme Court to Decide Whether Prediction Markets Are Sportsbooks or Swaps
预测市场的监管定性直接决定其合规运营空间与资产属性，此事件是加密衍生品领域的关键里程碑，建议从业者密切关注最高法院受理情况及后续对行业格局的影响。
New Jersey has officially asked to take the prediction markets court battle to the United States Supreme Court.
新泽西州已正式请求将预测市场诉讼战提交至美国最高法院。
State regulators filed a petition asking the court to review the United States Court of Appeals for the Third Circuit’s decision that protected Kalshi’s sports-event contracts from New Jersey gambling enforcement.
该州监管机构提交了一份请愿书，要求法院审查美国第三巡回上诉法院的裁决，该裁决保护了 Kalshi 的体育赛事合约免受新泽西州赌博执法的约束。
The move was expected, but the timing makes it much more consequential. The US Court of Appeals for the Ninth Circuit handed New Jersey exactly what it needed last week: a clean appellate split on whether these products are swaps subject to the exclusive authority of the Commodity Futures Trading Commission or sports bets that states can regulate.
这一举动在预料之中，但时机使其影响更为深远。上周，美国第九巡回上诉法院给予了新泽西州它所需要的：在一个清晰的上诉分歧中裁定这些产品是属于商品期货交易委员会（CFTC）专属管辖权的互换合约，还是各州可监管的体育博彩。
“Companies like Kalshi claim to offer legal sports betting in all 50 States, but they refuse to follow the gambling laws of any State,” New Jersey Attorney General Jennifer Davenport said in a release. “These companies have no right to offer their sports bets without following state law, which is why dozens of States across the ideological spectrum have opposed them. States have long adopted careful laws to regulate gambling, including to prevent compulsive gambling, gambling by minors, and insider trading on sports games. We’re calling on the Supreme Court to resolve this issue and recognize that Congress did not silently make the sports-betting industry immune from state law.”
新泽西州总检察长 Jennifer Davenport 在一份声明中表示：“像 Kalshi 这样的公司声称在所有 50 个州提供合法的体育博彩，但它们拒绝遵守任何州的赌博法律。”“这些公司在不遵守州法的情况下无权提供其体育博彩，这就是为什么意识形态光谱两侧的数十个州都反对它们的原因。各州长期以来一直制定谨慎的法律来监管赌博，包括防止强迫性赌博、未成年人赌博以及针对体育赛事的内幕交易。我们呼吁最高法院解决这一问题，并承认国会并未默示使体育博彩行业免于受州法约束。”
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The case for Supreme Court review
最高法院复审的理由
New Jersey’s petition centers on the basic question behind virtually every major prediction market case now moving through the courts:
新泽西州的请愿书集中在目前几乎所有主要预测市场案件在法院审理背后的基本问题上：
When users trade contracts on a game’s outcome, a point spread or player performance, are they participating in federally regulated derivatives trading or simply sports betting through a different product structure?
当用户在比赛结果、让分或球员表现等合约上进行交易时，他们是在参与联邦监管的衍生品交易，还是仅仅通过不同的产品结构进行体育博彩？
The Third Circuit sided with Kalshi earlier this year, holding that the company’s sports contracts were swaps traded on a federally designated contract market and therefore fell under the CFTC’s exclusive jurisdiction. That prevented New Jersey from applying its own gambling rules while the litigation continued.
今年早些时候，第三巡回上诉法院站在 Kalshi 一边，认定该公司的体育合约是在联邦指定合约市场上交易的互换合约，因此属于 CFTC 的专属管辖范围。这使得在新泽西州的诉讼持续期间，该州无法适用其自身的赌博规则。
But the Ninth Circuit reached the opposite result last week in Kalshi’s Nevada case. It held that Kalshi’s sports contracts are sports bets, not swaps, and said the Commodity Exchange Act does not preempt Nevada from enforcing its gaming laws.
但上周在 Kalshi 的内华达州案件中，第九巡回上诉法院得出了相反的结论。它认定 Kalshi 的体育合约是体育博彩，而非互换合约，并表示《商品交易法》并不阻止内华达州执行其博彩法律。
That split is now the centerpiece of New Jersey’s Supreme Court pitch. The state argues that the same federally registered platform should not be exempt from New Jersey’s state gambling laws while being subject to those laws in Nevada.
这一分歧如今已成为新泽西州向最高法院提出上诉的核心。该州主张，同一联邦注册平台不应在面临内华达州法律约束的同时，却豁免于新泽西州的州赌博法之外。
New Jersey’s argument
新泽西州的论点
Davenport framed the dispute in straightforward terms:
达文波特用直白的语言阐述了这场争议：
“Companies like Kalshi claim to offer legal sports betting in all 50 States, but they refuse to follow the gambling laws of any State.”
“像 Kalshi 这样的公司声称在所有50个州提供合法的体育博彩服务，但它们拒绝遵守任何州的赌博法律。”
The state’s position is that Kalshi cannot transform sports betting into a federally protected swap simply by listing its contracts on a CFTC-designated exchange. New Jersey has a mature legal sports betting market, with licensed operators, consumer-protection requirements, tax obligations and regulatory oversight.
该州的立场是，Kalshi 不能仅仅通过在商品期货交易委员会（CFTC）指定的交易所上市其合约，就将体育博彩转化为受联邦保护的掉期交易。新泽西州拥有成熟的合法体育博彩市场，包括持牌运营商、消费者保护要求、纳税义务和监管监督。
Its complaint is not just about whether users can trade contracts on sports outcomes but whether prediction markets can offer materially similar products without complying with any of the state framework required of sportsbooks.
其投诉不仅关乎用户能否对体育结果进行交易，更在于预测市场能否在不遵守体育博彩机构所需的所有州框架规定的情况下，提供实质相似的产品。
“Kalshi markets itself as the ‘first app for legal sports betting in all 50 States,’ including for wagering on NCAA games held in New Jersey and participated in by New Jersey teams, which is impermissible under New Jersey’s Constitution. But Kalshi does not abide in any way with our State’s gaming laws,” NJ Division of Gaming Enforcement Interim Director Mary Jo Flaherty said in the statement. “This is a states’ rights issue. In New Jersey, gaming is prohibited by its Constitution, other than for exceptions approved by New Jersey voters. In this case, the State is upholding the will of New Jerseyans regarding the manner in which gaming can be conducted.”
“Kalshi 将自己宣传为‘全美50个州首个合法体育博彩应用’，包括对新泽西州举办且由新泽西州球队参与的 NCAA 比赛进行投注，这在新泽西州宪法下是非法的。但 Kalshi 完全未遵守我们州的博彩法律，”新泽西州执法局代理局长玛丽·乔·弗拉赫蒂在声明中表示。“这是一个州权问题。在新泽西州，除经新泽西州选民批准的例外情况外，博彩被其宪法禁止。在这种情况下，该州正在维护新泽西州民众关于博彩应如何进行的意愿。”
The Ninth Circuit’s decision boosted that argument, ruling that the substance of Kalshi’s sports contracts is gambling “regardless of whether Kalshi calls them swaps.” The panel also found that existing CFTC rules prohibit a registered market from listing contracts involving gaming, and that the CFTC is not a national gambling regulator.
第九巡回上诉法院的裁决增强了这一论点，裁定 Kalshi 体育合约的实质属于赌博，“无论 Kalshi 是否称其为掉期”。该合议庭还发现，现有的 CFTC 规则禁止注册市场列出涉及博彩的合约，且 CFTC 并非全国性的博彩监管机构。
The circuit split changes everything
巡回法院的分歧改变了一切
Before last week, New Jersey had a compelling request for review but not the cleanest possible reason for the Supreme Court to take it. Now it has one.
在上周之前，新泽西州有一个令人信服的复审请求，但理由并非最高法院受理此案的最理想选择。现在它有了这样一个理由。
The Third Circuit concluded that Kalshi’s sports contracts qualify as swaps and that the CEA preempts New Jersey gambling enforcement. The Ninth Circuit held that the same category of products does not qualify as swaps, that states retain their traditional power over gambling, and that the CFTC’s current gaming rule cuts against Kalshi’s position.
第三巡回上诉法院裁定，Kalshi 的体育合约符合互换合约的定义，且《商品交易法》（CEA）优先于新泽西州的赌博执法。第九巡回上诉法院则认定，同类产品不构成互换合约，各州保留其对赌博的传统管辖权，且美国商品期货交易委员会（CFTC）现行的博彩规则不利于 Kalshi 的立场。
Other cases remain active or unresolved in courts including the Fourth Circuit, while district courts in Tennessee, Arizona, Ohio, Maryland and New York have delivered mixed results.
其他案件仍在第四巡回上诉法院等法院审理中或尚未解决，而田纳西州、亚利桑那州、俄亥俄州、马里兰州和纽约州的地区法院也作出了不一致的裁决。
That kind of direct split on a national regulatory question is exactly the situation in which Supreme Court review becomes more likely. It does not guarantee the justices will take the case, but New Jersey’s petition now offers a much cleaner vehicle than it did before the Nevada ruling.
这种在国家监管问题上的直接分歧，正是最高法院更有可能进行审查的情形。这并不保证大法官们一定会受理此案，但在新内华达裁决之后，新泽西州的请愿书现在提供了一个比此前更为清晰的审理载体。
The post New Jersey Asks Supreme Court to Decide Whether Prediction Markets Are Sportsbooks or Swaps appeared first on DeFi Rate.
本文最初发布于 DeFi Rate，标题为《新泽西州请求最高法院裁定预测市场是体育博彩还是互换合约》。
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