Nevada requests key documents from Kalshi following court filing

Nevada regulators have filed a motion seeking key documents from prediction market operator Kalshi, following a court filing aimed at obtaining further information on its communications with the Commodity Futures Trading Commission (CFTC).

The move is part of Nevada’s ongoing examination of prediction-based trading platforms, including Kalshi and Crypto.com, as the state continues to clarify how these markets fit within its gaming regulations.

Earlier this year, Judge Andrew Gordon denied an injunction from Crypto.com to continue offering sports prediction products, noting structural differences between its contracts and those operated by Kalshi.

Kalshi, which received a cease-and-desist order in March, has since drawn additional legal attention. Legal analyst Daniel Wallach reported that the company has yet to provide correspondence with the CFTC that could help clarify its compliance under state and federal law.

Good to know: This latest motion from Nevada regulators follows developments in May, when the Commodity Futures Trading Commission (CFTC) sought permission from the US Court of Appeals to settle its legal dispute with Kalshi

According to court documents, Nevada’s motion focuses on four main areas including Kalshi’s compliance with state rules, the nature of its event contracts and how its activities align with the CFTC’s “Core Principles.”

The filing states that Kalshi’s previous responses have not fully addressed these areas, prompting regulators to pursue further disclosure.

If granted, the motion could provide greater insight into how Kalshi’s federally approved operations interact with Nevada’s gaming law.

Carlos Mendez

Writer

For Carlos Mendez, betting markets are best understood as conversations between numbers and behavior. His work focuses on interpreting what odds reveal about risk, pricing, and public sentiment rather than chasing short-term outcomes. Growing up in Buenos Aires, Carlos was immersed early in football culture...

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