US Appeals Court Denies Coinbase and Kalshi Request to Suspend State Enforcement During Appeal

TechFlow reported on November 4 that the U.S. Court of Appeals for the Second Circuit denied Coinbase Financial Markets and Kalshi's request for an injunction pending appeal. The related cases involve Connecticut and New York enforcement against prediction markets.

The court heard three appeals simultaneously, involving Coinbase's case in Connecticut and Kalshi's cases in Connecticut and New York. The judges said the applicants failed to demonstrate that an injunction was necessary during the appeal; the ruling did not decide the merits of the appeals and did not require the platforms to stop trading or close existing positions.

Source: TechFlow