US federal appeals court

Prediction market operator Kalshi has lost a ruling at the appeals court level concerning whether state regulators can oversee its prediction markets. The decision means states may retain authority to regulate or restrict certain event contracts, a setback for Kalshi's argument that federal law preempts state oversight of its business. The ruling is likely to shape ongoing disputes between prediction market platforms and state gaming and securities regulators.

The US Court of Appeals for the Federal Circuit has affirmed a lower court's dismissal of internet advertising patents held invalid under Section 101 of the Patent Act, in a case involving Google. The ruling means the patents were found to cover ineligible abstract ideas rather than patentable inventions, dealing a blow to the patent holder.