Pl.’s Prop. Order to Show Cause for Prelim. Inj., KalshiEx LLC v. Williams , No. 1:25-cv-08846 (S.D.N.Y. Oct. 27, 2025), ECF No. 15; Pl.’s Mot. P.J., KalshiEx LLC v. Cafferelli , No. 3:25-cv- 02016 (D. Conn. Dec. 5, 2025), ECF No. 30. I. PROCEDURAL HISTORY Kalshi filed a Complaint for Permanent Injunction and Declaratory Relief (Doc. No. 1) and soon thereafter filed a Motion for Preliminary Injunction and Temporary Restraining Order (“Motion”) (Doc. No. 6) and an accompanying Memorandum (Doc. No. 7). The court entered a Temporary Restraining Order enjoining the defendants from enforcing the relevant statutes against the plaintiff and setting a hearing. (Doc. No. 22 at 2.) The defendants filed a Response (Doc. No. 34), and the plaintiff filed a Reply (Doc. No. 41) and then a Notice of Supplemental Authority (Doc. No. 44). The court held a hearing on the plaintiff’s Motion for Preliminary Injunction on February 2, 2026, at the conclusion of which defense counsel represented that the defendants would not enforce their cease-and-desist letter against Kalshi pending this court’s ruling. ( See Doc. No. 47, Tr. 105.) II. LEGAL STANDARDS “A preliminary injunction is an extraordinary remedy which should be granted only if the movant carries his or her burden of proving that the circumstances clearly demand it.” Curran v. Fronabarger , No. 23-6015, 2024 WL 4805017, at *2 (6th Cir. Aug. 27, 2024) (quoting Overstreet v. Lexington-Fayette Urb. Cnty. Gov’t , 305 F.3d 566, 573 (6th Cir. 2002)). On a motion for preliminary injunction, the court weighs: (1) the movant’s likelihood of success on the merits; (2) whether the movant would suffer irreparable harm without the injunction; (3) whether granting the injunction would cause substantial harm to others; and (4) the impact of the injunction on the public interest. Wilson v. Williams , 961 F.3d 829, 836 (6th Cir. 2020) (citation omitted). Factors (3) and (4) “merge when the Government is the opposing party.” Nken v. Holder , 556 U.S. 418,
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Case 3:26-cv-00034 Document 48 Filed 02/19/26 Page 3 of 25 PageID #: 871
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