Recent petitions from New Jersey, Robinhood, and related parties seek Supreme Court review of conflicting circuit rulings on whether CFTC-registered sports event contracts qualify as swaps under the Commodity Exchange Act, preempting state gambling enforcement. The Third Circuit backed Kalshi’s preemption position in April 2026, while the Ninth and Sixth Circuits rejected it in August and September rulings, deepening the split. SCOTUS omitted these matters from its initial October 2026 docket after the first long conference, with responses due into November and Kalshi pursuing en banc rehearing in the Ninth. CFTC rulemaking on event contracts remains pending, adding procedural uncertainty. Traders weigh the likelihood of grant amid these timing and en banc factors.