Case 2:25-cv-00575-APG-BNW Document 45 Filed 04/09/25 Page 1 of 17
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UNITED STATES DISTRICT COURT DISTRICT OF NEVADA
KALSHIEX, LLC, Plaintiff v. KIRK D. HENDRICK, et al., Defendants
Case No.: 2:25-cv-00575-APG-BNW Order (1) Denying Defendants’ Motion for Temporary Restraining Order and (2) Granting Plaintiff’s Motion for Preliminary Injunction [ECF Nos. 18, 35]
Plaintiff KalshiEX, LLC (Kalshi) moves to enjoin the Nevada Gaming Commission, the Nevada Gaming Control Board, and their members in their official capacities, from pursuing civil or criminal enforcement against Kalshi for offering event contracts in Nevada. ECF No. 18. Kalshi contends that its contracts are currently legal under federal law and that Nevada law is preempted due to the Commodity Futures Trading Commission’s exclusive jurisdiction. The defendants oppose and move for an injunction to preclude Kalshi from offering event contracts in Nevada. I held a hearing on April 8, 2025, at which I orally denied the defendants’ motion and granted Kalshi’s motion, with this written order to follow. ECF No. 43. I. BACKGROUND Kalshi “operates a derivatives exchange and prediction market where users can buy and sell financial products known as event contracts.” ECF No. 1 at 5. Kalshi’s exchange market is designated as a contract market regulated by the Commodity Futures Trading Commission (CFTC) under the Commodity Exchange Act (CEA), 7 U.S.C. § 1, et seq . ECF No. 18-1 at 2-3. On its exchange, which is available to users nationwide, Kalshi offers traders the ability to enter
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