this is the key regulatory tension. CFTC says event contracts are derivatives, ohio says they're sports bets. the practical difference is huge — if they're derivatives, federal CFTC regulation preempts state gambling laws and kalshi has one nationwide market. if they're sports bets, every state can regulate or ban separately. given how aggressively states protect their sports betting revenue (and the lobbying from draftkings/fanduel), the state-by-state path would be a nightmare for kalshi