Appeals court refuses Kalshi and Coinbase shield from New York, Connecticut enforcement
The US Second Circuit on 3 November turned down requests from Kalshi and Coinbase for injunctions pending appeal, allowing New York and Connecticut to enforce gambling laws against their sports event contracts. The order covers three appeals, including Coinbase's case against Connecticut Attorney General William Tong. It does not itself force trading to halt or open positions to close. District judges in both states had earlier rejected Kalshi's bids for preliminary injunctions.