Nevada Temporarily Bans Kalshi as Its Legal Battles Mount Across the US
Nevada issued a 14-day restraining order banning Kalshi from operating without gaming licenses amid mounting legal challenges nationwide.Summary
Nevada has become the first US state to temporarily halt operations for the prediction market platform Kalshi, issuing a 14-day restraining order requiring the company to obtain necessary gaming licenses to continue operating event-based contracts within the state. This ban comes as Kalshi faces significant legal battles across the US, including criminal charges in Arizona and ongoing disputes in Ohio, though it recently won a case in Tennessee. The core of Kalshi's legal defense is its argument that its event contracts are financial instruments classified as swaps under federal law, placing them under the CFTC's jurisdiction rather than state gambling regulators. Despite these mounting legal troubles, Kalshi recently secured $1 billion in funding at a $22 billion valuation, reflecting strong industry growth projections.
(Source：BeInCrypto)