The Ninth Circuit Court of Appeals has denied Kalshi's legal effort to prevent Nevada from issuing a temporary restraining order against the prediction market platform. The ruling clears the way for Nevada to temporarily ban Kalshi's operations within the state.
Kalshi operates as a regulated prediction market where users can trade on the outcomes of real-world events, from political elections to economic indicators. The platform has gained attention for offering markets on topics that traditional financial exchanges don't cover.