Sam Bankman-Fried has asked the US Supreme Court to grant him a new trial and to void the $11 billion forfeiture order tied to his 25-year prison sentence. His appeal centers on a claim that the trial judge wrongly barred evidence showing his investments could have ultimately covered FTX customer losses, and that the forfeiture amount violates the Eighth Amendment's ban on excessive fines. The 2nd US Circuit Court of Appeals had already rejected these arguments earlier this year before the case reached the high court.
A federal appeals court struck down the Department of Energy's emergency order requiring the J.H. Campbell coal-fired power plant in Michigan to remain operating, finding the government had no factual basis for declaring an emergency. The ruling undercuts the Trump administration's use of emergency authority to override utility retirement plans for aging fossil fuel infrastructure.
A federal appeals court ruled Friday that Nevada may enforce its gambling statutes against Kalshi's sports-related prediction contracts, rejecting the company's claim that CFTC oversight shields it from state gaming law. The Ninth Circuit panel called Kalshi's sports event contracts functionally identical to sportsbook bets and dismissed its attempt to distinguish them as disingenuous.
The 9th US Circuit Court of Appeals rejected Kalshi's bid to stop Nevada from regulating its prediction market operations, siding with the state's gambling regulators and attorney general who sued Kalshi in February for allegedly operating without a sports gambling license. The ruling adds to a patchwork of conflicting state and federal legal outcomes for Kalshi, which also faces action from Connecticut, Rhode Island, New York and Arizona, even as a separate court found New Jersey lacks authority to regulate the platform.
A federal appeals court ruled that states retain authority to regulate prediction markets under their gambling laws, rejecting arguments that federal oversight preempts state action. The decision addresses ongoing legal disputes over platforms like Kalshi that offer event-based betting contracts.
The 4th Circuit Court of Appeals voted 2-1 to block an FCC Media Bureau notice that would have let political parties and joint fundraising committees, not just individual candidates, claim the discounted 'lowest unit charge' broadcast ad rate ahead of the election. Four Democratic candidates had sued, arguing federal law reserves that discount for candidates alone, while national Republican committees backed the FCC's broader interpretation.
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