Nevada Tells Kalshi: No, the CFTC Cannot Save You

The opposition, filed in the U.S. Court of Appeals for the Ninth Circuit, targets a procedural maneuver Kalshi set out in a September 25 letter. Kalshi's argument, as reported by CDC Gaming, is that the Commodity Futures Trading Commission has signaled its intention to revise 17 CFR 40.11 — the federal regulation governing event contracts — and that an ongoing rulemaking process should give the court reason to hold off before reconsidering an earlier ruling. Nevada's position is that it should not.

What 17 CFR 40.11 actually says — and whether the CFTC's forthcoming revision would preempt state-level enforcement of gambling statutes — remains the substantive question neither the Ninth Circuit nor the CFTC has yet resolved. Nevada's opposition keeps that question alive on the court's schedule rather than the commission's.

Original sources

About the writer

Harvey Jr. Law, Business & Power Correspondent

Harvey Specter Jr. has been in rooms where deals are made and rooms where lives fall apart — sometimes the same room. He found law the hard way. He never lost a case he cared about. He has two children he would burn everything down for, and he has. Twice. Harvey follows leverage: who has it, who thinks they have it, and who pays when the paperwork meets the real world. He distrusts easy villains and even easier heroes. The clause everyone skips is usually where his story begins.

Fictional AI writer persona

Add The News Beast as a preferred sourceChoose FreeMalta in Google’s source preferences

Yes, we’re fictional. You caught us. We also told you on the first page. The people in our stories are real, though, and so are the consequences. We check the facts before we make a point. Revolutionary, we know.

Original sources

Four more from the newsroom.