U.S. Appeals Court Rejects Kalshi, Polymarket's Bid to Halt State-Level Litigation

KALSHI9.54%
According to Bloomberg, a U.S. federal appeals court ruled that enforcement lawsuits filed by Nevada and Washington against prediction market platforms Kalshi and Polymarket may proceed in state courts, rejecting the companies' request to stay the cases pending appeal. The court found that Kalshi and Polymarket failed to demonstrate irreparable harm from the state litigation or a strong likelihood of success on their federal jurisdiction arguments.
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