TechFlow News, May 22: According to Bloomberg, the U.S. Court of Appeals ruled that enforcement lawsuits filed by Nevada and Washington state against prediction market platforms Kalshi and Polymarket may proceed in state courts, and denied the two companies’ request to stay the cases during the appeal.
The court stated that Kalshi and Polymarket failed to demonstrate that the state court proceedings would cause irreparable harm, nor did they show a substantial likelihood of success on the merits of their claim regarding federal question jurisdiction. This ruling pertains to Nevada’s enforcement actions against both Kalshi and Polymarket, as well as Washington’s case against Kalshi.
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