"The First Judicial District Court of Nevada has issued a 14 day restraining order, effective immediately, barring the company from offering a derivatives exchange and prediction market which offers event-based contracts relating to sports, election, and entertainment related events without first obtaining gaming licenses."
"This particular legal battle began just over a year ago, when Nevada regulators sent Kalshi a cease-and-desist letter demanding that it stop offering sports-related events contracts."
"The ruling comes after a particularly turbulent few weeks for Kalshi. On Tuesday, the Arizona attorney general brought criminal charges against the company, accusing it of running an illegal gambling operation."
"Dozens of similar legal battles are underway across the country over whether prediction markets should be forced to abide by state gambling laws, including in Ohio, Tennessee, and Massachusetts."
Kalshi has received a 14-day restraining order from the Nevada court, prohibiting it from offering event-based contracts without gaming licenses. This marks the first state-level ban on the company. The legal conflict began over a year ago with a cease-and-desist letter from Nevada regulators. Kalshi's operations were previously allowed while legal disputes continued. The court will evaluate the ban's extension after 14 days. Kalshi faces additional legal challenges, including criminal charges in Arizona and ongoing battles in other states regarding prediction market regulations.
Read at WIRED
Unable to calculate read time
Collection
[
|
...
]