Nevada Opposes Kalshi's Request to Delay Ninth Circuit Appellate Proceedings

Odaily News: Nevada has opposed Kalshi's request to delay proceedings in the U.S. Court of Appeals for the Ninth Circuit while awaiting rulemaking by the U.S. Commodity Futures Trading Commission. The state argued that the court's earlier finding that the contracts at issue are not swaps was based on the text, context, and legislative purpose of the Commodity Exchange Act, and that CFTC rulemaking would not change that conclusion. Nevada also stated that the request is intended to prolong what it describes as Kalshi's illegal operations.