Kalshi faces temporary halt in Nevada as court grants restraining order: reports
A Nevada court issued a temporary restraining order against prediction market Kalshi, halting its operations in the state amid an ongoing legal battle.Summary
Prediction market Kalshi is facing a temporary halt in Nevada after a court granted a two-week restraining order on Friday. This action stems from a cease-and-desist order issued by the Nevada Gaming Control Board last year, which Kalshi challenged by arguing federal regulation preempts state control. However, the U.S. Court of Appeals for the Ninth Circuit recently denied Kalshi’s motion to stay the case. The dispute highlights a broader conflict between states and prediction markets, with concerns raised about sports-event contracts and potential violations of local gaming laws. The Commodity Futures Trading Commission (CFTC) is also asserting its authority over prediction markets, releasing guidance and warning it will continue to do so, while lawmakers are addressing ethical concerns related to contracts tied to violent events and insider trading.
(Source：The Block)