Second Circuit Won’t Pause New York, Connecticut Actions Against Kalshi and Coinbase
By Unchained
AI summary of the source article
The Second Circuit Court of Appeals denied Kalshi and Coinbase's requests to pause state regulatory actions from New York and Connecticut while their appeals proceed.
Why it matters
New York's damages claim against Kalshi could total at least $36 billion, while Coinbase reported that prediction markets now bring in more than $200 million in annualized revenue.
Key facts
- A three-judge Second Circuit panel denied injunctions pending appeal in suits involving Kalshi, Coinbase, and New York and Connecticut regulators.
- New York sued Kalshi in July with a damages claim that could reach at least $36 billion, followed by Connecticut's suit in August.
- Coinbase stated that prediction markets now generate more than $200 million in annualized revenue.
Source excerpt · Unchained
A Second Circuit panel turned down the prediction-market companies' requests for interim relief in a two-page order on Tuesday that leaves their federal preemption argument unresolved. The post Second Circuit Won’t Pause New York, Connecticut Actions Against Kalshi and Coinbase appeared first on Unchained .