Nevada sues Kalshi in state court after Ninth Circuit clears path for regulator action

The state of Nevada has filed a civil enforcement lawsuit against prediction market firm Kalshi in state court after the U.S. Court of Appeals for the Ninth Circuit denied Kalshi's request to block state regulatory action. Kalshi is seeking to move the case to federal court, arguing it falls under the exclusive jurisdiction of the Commodity Futures Trading Commission, while Nevada's gaming regulator claims the firm offers unlicensed sports wagering in violation of state law. The dispute follows a cease-and-desist order issued last year that led to earlier federal court proceedings over Kalshi's sports event contracts.