Legal tracker / Kalshi v. Nevada (federal)
Case · as of Oct 15, 2026
Kalshi v. Nevada (federal)
For the states Dissolution of Kalshi's injunction affirmed (3-0); en banc petition pending
The Ninth Circuit (R. Nelson, J., joined by Bade and Lee, JJ.; Lee, J., concurring) held Kalshi's sports event contracts likely are not 'swaps' under the CEA and Nevada's gaming laws likely are not preempted, affirming Judge Andrew Gordon's dissolution of Kalshi's preliminary injunction; it remanded for the district court to address Kalshi's election contracts. Kalshi sought rehearing en banc on Sept. 9, 2026. The decision created the circuit split with the Third Circuit. Kalshi has asked the court to defer action on the petition while the CFTC revises its swap definition; Nevada opposed, arguing the panel's statutory reading would not change with new regulations (letter dated Sept. 25 per secondary reports).
Case record last checked against its sources on Oct 5, 2026.
| Case | KalshiEX, LLC v. Assad (D. Nev. caption: KalshiEX, LLC v. Hendrick) |
| Court | U.S. Court of Appeals for the Ninth Circuit; U.S. District Court for the District of Nevada |
| Docket | 25-7516 (9th Cir.); 2:25-cv-00575-APG-BNW (D. Nev.) |
| Filed | Mar 28, 2025 |
| Type | Preemption suit |
| Companies | Kalshi |
| Other side | Nevada Gaming Control Board and Nevada Gaming Commission officials (George Assad et al.) |
| Last action | Sep 25, 2026: Nevada opposed Kalshi's request to hold the en banc petition pending CFTC rulemaking. |
| Next date | : Ninth Circuit action on Kalshi's petition for rehearing en banc. |
History
Newest first.
| Date | What happened |
|---|---|
| Sep 25, 2026 | Nevada opposed Kalshi's request to defer the en banc petition for CFTC rulemaking. |
| Sep 9, 2026 | Kalshi filed petition for rehearing en banc. |
| Aug 28, 2026 | Ninth Circuit affirmed in part and remanded in part (election contracts). |
| Apr 16, 2026 | Ninth Circuit oral argument (heard with the Crypto.com and Robinhood appeals). |
| Nov 24, 2025 | District court dissolved the injunction (date per secondary tracker). |
| Apr 9, 2025 | District court granted Kalshi a preliminary injunction. |
| Mar 28, 2025 | Kalshi sued Nevada regulators (filing date per secondary tracker). |
Sources
- Ninth Circuit opinion (PDF) (primary)
- Ninth Circuit opinion (Justia) (primary)
- Nevada Gaming Control Board filing: opposition to Kalshi stay motion (PDF) (primary)
- Cert petition (PDF), No. 26-299 (primary)
- News: InGame (Kalshi en banc / Robinhood cert)
- Tracker: Mick Bransfield prediction-market litigation tracker
- CDC Gaming: Nevada opposes Kalshi's bid to delay rehearing
- CasinoBeats (Oct. 5, 2026)
Kalshi v. Nevada (federal): questions
What is the status of Kalshi v. Nevada (federal)?
Dissolution of Kalshi's injunction affirmed (3-0); en banc petition pending. The Ninth Circuit (R. Nelson, J., joined by Bade and Lee, JJ.; Lee, J., concurring) held Kalshi's sports event contracts likely are not 'swaps' under the CEA and Nevada's gaming laws likely are not preempted, affirming Judge Andrew Gordon's dissolution of Kalshi's preliminary injunction; it remanded for the district court to address Kalshi's election contracts. Kalshi sought rehearing en banc on Sept. 9, 2026. The decision created the circuit split with the Third Circuit. Kalshi has asked the court to defer action on the petition while the CFTC revises its swap definition; Nevada opposed, arguing the panel's statutory reading would not change with new regulations (letter dated Sept. 25 per secondary reports).
What happened most recently in Kalshi v. Nevada (federal)?
Sep 25, 2026: Nevada opposed Kalshi's request to hold the en banc petition pending CFTC rulemaking.
What is the next date in Kalshi v. Nevada (federal)?
: Ninth Circuit action on Kalshi's petition for rehearing en banc.
Compiled from court dockets, opinions, regulator releases and news coverage, linked above. Not legal advice. Nevada: every action · All cases · Interactive tracker