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Kalshi and Coinbase denied interim relief as state disputes continue

IGaming Times reports a Second Circuit panel denied injunctions pending appeal on November 3 in Kalshi's New York case and two Connecticut appeals involving Kalshi and Coinbase, hours after argument and without giving reasons. The order decides only interim relief and does not resolve whether sports contracts are swaps or whether federal law preempts state gambling law.

A Second Circuit panel denied injunctions pending appeal on November 3 in Kalshi’s New York case and two Connecticut appeals involving Kalshi and Coinbase, according to iGaming Times. The decisions leave the underlying legal questions unresolved.

Panel rules hours after argument

According to iGaming Times, the panel issued its order hours after hearing argument and gave no reasons for denying the requests. The reporting was published on Nov 4, 2026, at 6:30 AM ET.

The requests concerned interim relief while the appeals proceed. The order addresses that relief alone, rather than deciding the merits of the disputes.

Core legal questions remain open

The panel did not resolve whether sports contracts are swaps. Nor did it determine whether federal law preempts state gambling law, according to iGaming Times.

That distinction limits what readers can infer from the outcome: Kalshi and Coinbase did not secure the requested interim injunctions, but the order is not a final answer on the legal treatment of sports contracts.

What it means for prediction markets

  • Procedural outcome, not a merits ruling: The denials establish the result of the interim-relief requests, not the ultimate outcome of the appeals.
  • Classification remains unresolved: The order does not settle whether sports contracts qualify as swaps.
  • Federal-state authority remains in dispute: Whether federal law preempts state gambling law is still open; the panel’s unexplained order provides no reasoning on that issue.
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Sources & attribution

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    iGaming Times
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