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Appeals courts deny Kalshi protection from state enforcement in three states

Regulation

The Ninth Circuit on 3 November declined to rehear Kalshi’s challenge to Nevada’s treatment of its sports markets. Separately, the Second Circuit denied injunction requests by Kalshi and Coinbase, allowing authorities in New York and Connecticut to continue enforcement while appeals proceed; Kalshi has 90 days to seek Supreme Court review of the Nevada ruling.

State enforcement can continue against the companies’ sports event contracts while their legal challenges proceed.

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Regulation

Illinois appeals injunction restricting state regulation of prediction platforms

Illinois has appealed to the Seventh Circuit after a federal judge barred the state from regulating prediction platforms offering sports-related contracts. The preliminary injunction prevents state action including taxes, fees, licensing requirements and civil or criminal enforcement while the appeal is pending.

Illinois is challenging the decision before the Seventh Circuit. Federal judge Martha M. Pacold recently decided that Illinois regulators may not go after prediction platforms overseen by the CFTC.

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