By SectorWire desk ·
The Second Circuit denied Kalshi’s emergency injunction request against New York authorities. The company sought to stop the state from enforcing gambling laws against it.
The decision leaves New York enforcement unhalted by the emergency injunction Kalshi requested.
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The request seeks to extend Kalshi’s protection beyond the state’s temporary enforcement pause.
The dispute concerns whether states can apply gambling rules to sports-event contracts offered by federally regulated exchanges.
The findings bear on state challenges to Kalshi and Polymarket's position that their contracts fall exclusively under CFTC jurisdiction.
The analysis questions Kalshi’s explanation for concentrated activity in its ether perpetual contracts.
The new contracts allow partial settlement rather than requiring players to reach the full statistical target.
The dispute could affect whether prediction market operators face state gambling laws alongside federal oversight.