Nevada has objected to Kalshi’s request to delay proceedings at the U.S. Court of Appeals for the Ninth Circuit while it waits for rulemaking by the U.S. Commodity Futures Trading Commission. The state said the court’s earlier finding that the contracts at issue are not swaps rested on the text, context, and legislative purpose of the Commodity Exchange Act, and that any CFTC rulemaking would not change that conclusion. Nevada also argued that the request is intended to prolong what it described as Kalshi’s illegal operations.
Nevada has opposed Kalshi’s request to delay proceedings before the U.S. Court of Appeals for the Ninth Circuit on the grounds that it wants to wait for rulemaking by the U.S. Commodity Futures Trading Commission.
The state said the court had already found that the contracts at issue are not swaps based on the text, context, and legislative purpose of the Commodity Exchange Act, and that CFTC rulemaking would not alter that conclusion.
Nevada also said the request was meant to extend what it described as Kalshi’s illegal operations.
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