Nevada opposes Kalshi's request to stay 9th Circuit proceedings citing CFTC rulemaking

According to American gambling and sports betting lawyer Daniel Wallach, Nevada opposed Kalshi’s application to delay the relevant proceedings at the U.S. Ninth Circuit Court of Appeals on the grounds that he was waiting for the CFTC to formulate rules. The state said the court's previous determination that the contracts at issue were not swaps was based on the "text, context and legislative purpose" of the Commodity Exchange Act, and that the CFTC's rulemaking would not change that conclusion. Nevada also accused the filing of a "delay tactic" intended to prolong what it said was Kalshi's illegal operations.