Kalshi seeks to stop state regulatory enforcement after losing injunction protection in Nevada, and will appeal during this period.

Golden Finance reports that the prediction market platform Kalshi has lost its preliminary injunction to prevent enforcement by regulators in Nevada just before Thanksgiving, and is currently applying to the court to continue blocking state regulatory actions during the appeal. The court's lifting of the injunction means that Kalshi faces potential legal risks if it continues to operate in Nevada. Like Polymarket, Kalshi offers prediction contracts covering sports, politics, encryption, and traditional markets, believing that obtaining a CFTC license allows it to operate in all 50 states, but some state regulators—especially in Nevada—disagree. The Nevada regulatory agency stated that it will not immediately initiate enforcement actions until the court decides whether to approve the stay of execution after the lifting of the ban, but this is not equivalent to an administrative exemption granted by the court. The court has ordered the state regulatory agency to respond to Kalshi's application by December 8, and Kalshi may submit a reply by December 12.