U.S. Ninth Circuit Court of Appeals rejected Kalshi's emergency request to stay Nevada's enforcement actions, allowing state regulators to enforce a temporary restraining order (TRO) that could prohibit the platform from offering sports-related contracts; Nevada's Gaming Control Board had previously issued a cease-and-desist order on the relevant products, determining they constitute unlicensed sports betting; Kalshi contends that its event contracts are regulated by the U.S. Commodity Futures Trading Commission (CFTC) and has objected; attorneys indicated that if the TRO takes effect, Kalshi is expected to be unable to operate in Nevada for at least 14 days. (Cointelegraph)

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