Arizona filed criminal charges against kalshi and its executives in May and lost before it could even go to trial. The growing consensus among the courts is that states do not have the right to enforce this. Needs to go to the Supreme Court now
EDIT: Looks like the 9th and 6th circuits have since agreed and rejected Kalshi and CFTC's argument.
It will go to SCOTUS due to the circuit court split.
I highly doubt it, they declined the case so the circuit split will live on for now and most likely be resolved by the legislature via one of the many bills making their way through congress. They could always take it up later but they're not so subtlety signaling that congress needs to make their intent clear on this one.
Source?
I'm seeing "U.S. District Judge Michael Liburdi in Arizona, a Trump appointee, denied Kalshi's request for a temporary block on Tuesday and ordered the company to demonstrate why the case should be in federal court given the new state charges" [1]. That's quashing a request for a preliminary injunction. Not throwing out the case.
Meanwhile, "federal and state judges in Nevada and Massachusetts, respectively, issued early rulings in favor of states looking to ban Kalshi and its competitor Polymarket from offering sports betting in their states, while federal judges in New Jersey and Tennessee have ruled in favor of Kalshi. The Nevada lawsuit was remanded to state court."
[1] https://www.wlky.com/article/arizona-kalshi-criminal-charges...