PANews, August 16: According to Reuters, the prediction market platform Kalshi has issued a statement countering the Nevada gaming regulator’s imposition of a $120,000 daily fine, accusing the regulator of violating federal law. In April, a Nevada court issued a preliminary injunction prohibiting Kalshi from offering contracts in the state without a gaming license and required Kalshi to implement a comprehensive geofencing solution. Regulatory investigators stated that one day after the court’s deadline, they successfully completed nine transactions on the Kalshi app using mobile networks within Nevada, concluding that Kalshi had not fully complied with the requirements. Kalshi countered by stating that it had engaged GeoComply, a vendor licensed in Nevada, as required by the state, and had consistently kept state authorities informed of its progress.
Kalshi Challenges Nevada Gambling Regulators Over $120,000 Daily Fines
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Summary
Kalshi is facing $120,000 in daily fines from Nevada regulators, who accuse the company of falsifying addresses and circumventing blocks. A court ordered Kalshi to block in-state access using geofencing. Regulators stated that Kalshi completed nine transactions in Nevada after the deadline. Kalshi claims it used the licensed provider GeoComply and complied with CFTC guidelines. The case underscores tensions between MiCA-like frameworks and U.S. state laws.
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