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NAD refers Kalshi advertising inquiry to regulators over influencer disclosures

Regulation

BBB National Programs' National Advertising Division said it will refer Kalshi to state attorneys general and other authorities after the company declined to take part in an inquiry. The review examined whether social media advertisements disclosed connections between Kalshi and influencers or affiliates, and whether the company took adequate steps to ensure compliance with FTC endorsement guidance.

The referral highlights scrutiny of whether influencer and affiliate advertisements disclose connections and comply with endorsement guidance.

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Regulation

Appeals courts deny Kalshi protection from state enforcement in three states

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.

The Ninth Circuit declined Kalshi's requests for a panel rehearing and a rehearing en banc concerning its Nevada ruling. Separately, the Second Circuit denied injunctions sought by Kalshi and Coinbase that would have stopped states enforcing gambling laws against their sports event contracts while the appeals continue.

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