US court denies Kalshi's bid to block Nevada enforcement action

The U.S. Ninth Circuit Court of Appeals has denied an emergency administrative request from Kalshi to halt an enforcement action by the state of Nevada, Decrypt reported. Nevada is now free to file a civil lawsuit and seek a temporary restraining order (TRO), which would require Kalshi to immediately cease its operations within the state. Nevada maintains that Kalshi's event-based contracts, particularly those related to sports, constitute illegal sports betting and gambling, which fall under the state's jurisdiction.