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Research

Case summaries and rule briefs on the law of onchain securities

Case summaryAugust 28, 2026
Kalshi v. Assad
No. 25-7516 (9th Cir.)
The Ninth Circuit holds that sports event contracts on a CFTC registered exchange are likely not “swaps,” so the Commodity Exchange Act does not shield them from Nevada gaming law. Splits with the Third Circuit’s Flaherty.
Rule briefAugust 22, 2026
Regulation Crypto Assets
File No. S7-2026-27
A crypto-specific pathway for startup distributions, public fundraising, investment-contract termination, and state-law preemption, read against the 402 page SEC proposal.