A U.S. judge issued a temporary restraining order against Kalshi last week in Connecticut, accusing the prediction market platform of operating unlicensed gambling, but has granted the company a temporary enforcement exemption.
The Connecticut Department of Consumer Protection (DCP) issued a cease and desist order to Kalshi, as well as Robinhood and Crypto.com, on December 2, accusing them of "conducting unlicensed online gambling in Connecticut through their online sports event contracts, specifically sports betting."
Kalshi subsequently sued the DCP, claiming that its event contracts "are legal under federal law," and that its platform is under the "exclusive jurisdiction" of the Commodity Futures Trading Commission (CFTC). On Friday, it filed a motion to temporarily halt the DCP's actions.
Connecticut federal court judge Vernon Oliver stated in an order on Monday that while the court considers the company's request to temporarily halt the regulatory agency's actions, the DCP must "refrain from taking enforcement action against Kalshi."
The order further states that the DCP must submit a response to the company by January 9, Kalshi must submit further support for its motion by January 30, and oral arguments in the case will be held in mid-February.
Kalshi is a CFTC-designated contract market maker under federal regulation and began offering contracts nationwide in January, allowing bets on the outcomes of events such as sports and politics.
The platform has seen a surge in popularity this year, with a record monthly trading volume of $4.54 billion in November, attracting billions in investments; earlier this month, Kalshi completed a $1 billion funding round at a valuation of $11 billion.
However, several state regulatory agencies in the U.S. have raised objections to Kalshi's products, embroiling the company in litigation over whether it is subject to state gambling laws.
In October, after regulators issued a cease and desist order claiming it was offering a sports betting platform without a license, Kalshi sued the New York State Gaming Commission.
In September, the Massachusetts Attorney General sued Kalshi in state court, and the company requested to have the case dismissed. So far this year, Kalshi has sued state regulators in New Jersey, Nevada, Maryland, and Ohio, accusing them of overreach.
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Original: “Judge Rules Connecticut Cannot Take Action Against Kalshi for Now”
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