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New York lawmakers amend SB 5935, drawing criticism from SPGA

Regulation

New York lawmakers amended Senate Bill 5935 to give the New York State Gaming Commission responsibility for determining which dual-currency products are illegal. The Social and Promotional Games Association said the change fails to resolve uncertainty and could make the measure more ambiguous; the bill seeks to outlaw sweepstakes operators.

The amendment would leave the Gaming Commission to determine which dual-currency products fall within the proposed ban.

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Second Circuit denies Kalshi and Coinbase injunction requests in New York and Connecticut

The Second Circuit denied Kalshi’s requests to block enforcement action in New York and Connecticut, and Coinbase’s similar request in Connecticut, on 3 November. The panel said the companies had not shown that interim injunctions were warranted; the underlying cases continue.

At the U.S. Court of Appeals for the Second Circuit, Kalshi lost its bid for temporary relief against authorities in New York and Connecticut, and Coinbase was refused a preliminary injunction in Connecticut. On Tuesday, Nov. 3, a three-judge panel held that the prediction market companies cannot stop state regulators from pursuing enforcement action while their cases continue.

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