The U.S. Ninth Circuit Court of Appeals has denied Kalshi's emergency request to pause enforcement actions by Nevada regulators, allowing the state to implement a temporary restraining order (TRO) that could prohibit Kalshi from offering sports-related contracts. The Nevada Gaming Control Board had previously issued a cease-and-desist order, classifying these products as unlicensed sports betting. Kalshi contends that its event contracts are regulated by the Commodity Futures Trading Commission (CFTC) and has challenged the order. If the TRO is enforced, Kalshi's operations in Nevada could be halted for at least 14 days, according to legal representatives.