2:25-cv-575-APG-BNW MOTION HEARING - ROUGH DRAFT - DO NOT CITE!!!
84 that, at least in the short-term, there's evidence that it faces a Hobson's choice like the one the 9th Circuit found sufficient to support a likelihood of irreparable harm in the case of American Trucking Associations vs. City of Los Angeles , 559 F.3d 1046 at 1057. Kalshi can choose to comply with Nevada's likely unconstitutional demand that it comply with Nevada gaming law and hope to recoup millions in damages, suffer harm to its good will and reputation, and potentially lose its CFTC designation; or it can keep going with what it believes to be lawful conduct and be prosecuted civilly and criminally in Nevada. Kalshi has presented credible evidence that even if it could implement geofencing at great expense, it could not do so immediately and thereby avoid prosecution. So, again, in the short-term, there seems to be irreparable harm in that regard. It's unclear right now whether or not Kalshi could, in fact, recover its losses in State Court. They appear to be barred by the 11th Amendment monetary damages in this Court, but I'm not opining on whether or not it could recover and how much it could recover in State Court outside of the 11th Amendment. But that further suggests irreparable harm right now. And although the defendants contend that no prosecution is imminent, the demand letter that was sent ordered that they -- Kalshi immediately cease and desist, gave
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UNITED STATES DISTRICT COURT Judy K. Moore, RMR, CRR
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