Ninth Circuit Court Denies Kalshi's Emergency Stay Request Amid Nevada Dispute

The Ninth Circuit Court of Appeals has rejected Kalshi's emergency stay request, allowing Nevada regulators to seek a temporary restraining order that may prohibit the platform's operations in the state for a minimum of 14 days. According to NS3.AI, Nevada contends that Kalshi's sports event contracts constitute unlicensed sports betting under state law. In contrast, Kalshi argues that these contracts are under the jurisdiction of the Commodity Futures Trading Commission (CFTC). This legal conflict highlights the increasing scrutiny of prediction markets, where weekly trading volumes have consistently surpassed $2 billion.