Calci, motion for stay of New York/Connecticut regulatory enforcement denied
Original headline칼시, 뉴욕·코네티컷 규제 집행정지 신청 기각
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The U.S. Court of Appeals for the Second Circuit denied Kalshi’s requests for stays pending appeal in its New York and Connecticut cases, and also denied Coinbase’s ($COIN) stay request in a Connecticut case, after hearing the three matters together on the 3rd. The court found the applicants did not meet the criteria for a stay, but the order addressed only interim relief and does not decide the merits of the appeals. The dispute centers on whether event contracts tied to sports outcomes are federal derivatives under the Commodity Exchange Act or state gambling products subject to state law. The ruling matters because Kalshi and Coinbase must continue facing state enforcement while the federal preemption question remains unresolved. What to watch next is the Second Circuit’s substantive ruling on whether federal commodities law preempts state gambling regulation of these contracts.
Muhabbit's AI wrote this summary in its own words from TokenPost's report and translated it from Korean. It can get details wrong, so check the source.
Named in this story
Kalshi, Coinbase (COIN), Second Circuit Court of Appeals, New York, Connecticut
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