Case: 25-7516, 01/23/2026, DktEntry: 33.1, Page 81 of 110
Black Unity League of Ky. v. Miller , 394 U.S. 100, 100 (1969) (per curiam).
For a criminal prosecution, a prosecutor would have to investigate and in-
dependently decide to seek criminal charges, then secure an indictment
from a grand jury or file an information following a preliminary examina-
tion. NRS §§ 172.015, 173.035. Kalshi has not shown any of that is immi-
nent.
B. The Balance of Equities and Public Interest Favor State Defendants The district court found that every day Kalshi operates in violation of
Nevada law imposes “substantial irreparable harms to the Board, the State
of Nevada, the gaming industry in this state, and the public interest.” 1-
ER-27. There is no clear error in that finding.
Enforcement of state law. A State “suffers a form of irreparable
injury” “[a]ny time” it is “enjoined by a court from effectuating statutes en-
acted by representatives of its people.” Am. Fed’n of Gov’t Emps., AFL-CIO
v. Trump , 148 F.4th 648, 656 (9th Cir. 2025) (quoting Trump v. CASA, Inc. ,
606 U.S. 831, 860-61 (2025)). State Defendants are statutorily charged with
enforcing Nevada’s gaming laws. 1-ER-27. Preventing them from doing so
poses an affront to Nevada’s sovereignty and intrudes on the democratic will
of the people.
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