Kalshi has opened a new appellate front in the fast-developing fight over prediction-market regulation, asking the Second Circuit to review a New York federal court decision that refused to shield the company from state gaming-law enforcement. The appeal raises a central question for event-contract platforms: when a federally regulated derivatives product looks like wagering to state officials, which legal regime controls?

The underlying suit, KalshiEX LLC v. Williams et al, puts that issue squarely before the courts.

The Ninth Circuit has handed Alaska regulators a significant win in a dispute over access to oil-and-gas well information, ruling that federal law does not preempt an Alaska statute requiring disclosure of certain ConocoPhillips well data. The decision reverses a lower-court ruling that had allowed the records to remain confidential and marks an important appellate development at the intersection of energy regulation, public-records obligations, and preemption doctrine.

At a high level, the fight centered on whether federal statutes and regulations governing energy-related information displaced Alaska’s disclosure regime.