The US Court of Appeals for the Second Circuit has denied requests by Kalshi and Coinbase for temporary protection from state enforcement while three prediction-market appeals continue. The order covers Kalshi disputes in New York and Connecticut and a separate Coinbase case in Connecticut.
The two-page court order was issued on November 3 by Judges John M. Walker Jr., Dennis Jacobs and Joseph F. Bianco. It says the appellants failed to make the required showing for injunctions pending appeal.
The ruling leaves the three appeals in progress and does not decide their merits. Kalshi and Coinbase argue that federal commodities law governs the sports event contracts at issue, while New York and Connecticut maintain that their gambling laws apply.
SBC Americas reported that the panel considered the three matters together after district courts had declined earlier requests for preliminary relief. The companies therefore remain without the temporary shields they sought while the appellate cases continue.
A separate legal report notes that the order does not itself settle the wider jurisdictional dispute. Future decisions on the appeals will determine whether the companies obtain broader relief against state enforcement.
