Colorado voters will decide Proposition 134 on November 3, 2026, a citizen-initiated statute requiring K-12 and collegiate school sports teams to be designated male, female, or coed based on participants’ biological reproductive systems, with eligibility restricted accordingly. The measure, sponsored by Protect Kids Colorado after qualifying through the signature process, would take effect January 1, 2027, and bars investigations of schools maintaining separate female teams. Several districts have already adopted similar biological-sex policies, while opponents highlight potential verification disputes. With active campaigns on both sides and the proposal advancing amid national patterns of state-level restrictions on transgender participation in sex-segregated sports, trader pricing reflects expectations that a majority will approve the changes at the ballot box.