A US judge rules Kalshi's sports-betting contracts are subject to Nevada Gaming Commission enforcement; Kalshi argues they should be regulated only by the CFTC
and Congress Is Sitting on It X: Daniel Wallach / @wallachlegal : Nevada “suggested reasonable options to Kalshi to avoid the possibility of enforcement pending appeal, including the same option accepted by https://crypto.com/.” If Kalshi agreed to geofence, its irreparable harm argument in every other case would be severely compromised. Bill Hughes / @billhughesdc : Big reversal that goes against @Kalshi in Nevada on the topic of sports event contracts. The court initially said it was likely Kalshi was right on the law, and now the court says the opposite, in no small part because the court came down against @cryptocom in a case recently on Jeff Roberts / @jeffjohnroberts : Federal judge concludes that gambling on sports is, well, sports betting and not a commodity futures contract—ergo Kalshi offers illegal gambling Other courts ruled differently. This is a jump ball CEOs of Kalshi & Polymarket should man up and post a wager on final outcome Ben Horney / @benhorney : Very big news. The court has erased a prior ruling that said the Nevada gaming regulator couldn't seek to stop Kalshi from offering sports event contracts while this lawsuit played out. What happens next? Stay tuned. Daniel Wallach / @wallachlegal : BREAKING: Nevada federal court dissolves preliminary injunction granted to Kalshi, finds that Kalshi's interpretation “relies on a strained reading of the already convoluted CEA,” would “upset decades of federalism regarding gaming regulation and is contrary to Congress' intent.” [image]