ChainCatcher report: According to Bloomberg, the U.S. Court of Appeals ruled that enforcement lawsuits filed by Nevada and Washington states against the prediction market platforms Kalshi and Polymarket may proceed in state courts, denying the companies’ request to pause the cases during the appeal. The court stated that Kalshi and Polymarket failed to demonstrate that the state court proceedings would cause irreparable harm or to show a substantial likelihood of success on their claims regarding federal jurisdiction. This ruling concerns Nevada’s enforcement actions against both Kalshi and Polymarket, as well as Washington’s case against Kalshi.
U.S. Federal Appeals Court Denies Kalshi and Polymarket’s Request to Halt State Litigation
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Summary
A U.S. federal appeals court permitted state-level litigation against prediction markets Kalshi and Polymarket to proceed, denying their request to halt the proceedings. Nevada and Washington may now pursue enforcement actions in state courts. The court found that the companies failed to demonstrate irreparable harm or a strong basis for federal jurisdiction. Traders monitoring altcoins may observe market reactions, while the Fear & Greed Index remains a key indicator of sentiment shifts.
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