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Operator v. state
U.S. District Court for the District of Nevada, 2:25-cv-00575
On appeal
Chief Judge Andrew P. Gordon's April 2025 injunction was dissolved on Nov. 24, 2025. The Ninth Circuit affirmed on Aug. 28, 2026 and sent election-contract questions back, but Kalshi's rehearing en banc petition is pending, so the mandate has not issued.
The question
Whether the Commodity Exchange Act preempts Nevada gambling or sports-wagering law as applied to event contracts listed on a CFTC-designated contract market.
Kalshi initially won a preliminary injunction against Nevada gaming regulators, but the court later dissolved it, concluding Kalshi was unlikely to succeed on preemption. Nevada Resort Association intervened on the state's side.
No decision date set43 days since the petition
Petition filed Sept. 9Pending
Resolves Yes if the court grants rehearing en banc in KalshiEX v. Assad, No if it denies it.
Ninth Circuit No. 25-7516. Source: Court filing citing the petition (PDF)
Ninth Circuit affirms in part and remands the election-contract questions.
Source: law.justia.com
Kalshi's appeal of the dissolution docketed (No. 25-7516).
Source: dockets.justia.com
Chief Judge Gordon dissolves the preliminary injunction, citing intervening rulings and Kalshi's expanded offerings; Kalshi seeks a stay pending appeal the next day.
Source: sbcamericas.com
Nevada Resort Association allowed to intervene.
Source: dockets.justia.com
Written order granting a preliminary injunction (2025 WL 1073495).
Source: law.justia.com
Complaint and TRO/PI motion filed.
Source: dockets.justia.com