Nevada urges Ninth Circuit to reject Kalshi stay, defending gambling authority
Nevada is asking the US Court of Appeals for the Ninth Circuit to deny Kalshi’s request to pause the case while it appeals, saying the company is unlikely to win and can’t use federal law to sidestep state gambling rules. In its filing, the state argues that Kalshi’s products don’t qualify as swaps, options, or futures under federal law, and therefore aren’t protected by the Commodity Exchange Act. Because of that, Nevada says it still has the authority to regulate the activity as gambling within its borders. Responding to Kalshi's argument that an injunction is necessary because a state enforcement proceeding would be "catastrophic," Nevada snarks that "Kalshi already is subject to enforcement in Massachusetts, and its business has not collapsed." pic.twitter.com/URVfMUKoLo — Andrew Kim (@akhoya87) December 30, 2025 Nevada also says Kalshi hasn’t shown it would suffer irreparable harm if the stay isn’t granted, which is a key requirement for getting one. “Submitting to a state enforcement proceeding ‘typically does not constitute irreparable harm,’” the State writes, because Kalshi “could raise any potential defense.” …


