PANews reported on December 10th that, according to Cointelegraph, last week, the state of Connecticut issued a cease and desist order against prediction market platform Kalshi for allegedly engaging in unlicensed gambling activities; subsequently, a U.S. judge granted Kalshi a stay of the injunction. On December 2nd, the Connecticut Department of Consumer Protection (DCP) issued injunctions against Kalshi, Robinhood, and cryptocurrency exchange Crypto.com, accusing them of "conducting unlicensed online gambling activities in Connecticut through online sports event contracts." The following day, Kalshi filed a lawsuit against the Connecticut DCP. On Monday, Connecticut Federal Court Judge Vernon Oliver ruled that the Connecticut DCP must "avoid taking enforcement action against Kalshi" while the court considers the company's request to temporarily block regulatory action. The ruling also stated that the Connecticut Department of Consumer Protection should submit a response to the company's motion by January 9, and Kalshi should submit further supporting materials for its motion by January 30. Oral arguments will be held in mid-February.PANews reported on December 10th that, according to Cointelegraph, last week, the state of Connecticut issued a cease and desist order against prediction market platform Kalshi for allegedly engaging in unlicensed gambling activities; subsequently, a U.S. judge granted Kalshi a stay of the injunction. On December 2nd, the Connecticut Department of Consumer Protection (DCP) issued injunctions against Kalshi, Robinhood, and cryptocurrency exchange Crypto.com, accusing them of "conducting unlicensed online gambling activities in Connecticut through online sports event contracts." The following day, Kalshi filed a lawsuit against the Connecticut DCP. On Monday, Connecticut Federal Court Judge Vernon Oliver ruled that the Connecticut DCP must "avoid taking enforcement action against Kalshi" while the court considers the company's request to temporarily block regulatory action. The ruling also stated that the Connecticut Department of Consumer Protection should submit a response to the company's motion by January 9, and Kalshi should submit further supporting materials for its motion by January 30. Oral arguments will be held in mid-February.
A U.S. judge ruled that Connecticut cannot take action against Kalshishi at this time.
PANews reported on December 10th that, according to Cointelegraph, last week, the state of Connecticut issued a cease and desist order against prediction market platform Kalshi for allegedly engaging in unlicensed gambling activities; subsequently, a U.S. judge granted Kalshi a stay of the injunction. On December 2nd, the Connecticut Department of Consumer Protection (DCP) issued injunctions against Kalshi, Robinhood, and cryptocurrency exchange Crypto.com, accusing them of "conducting unlicensed online gambling activities in Connecticut through online sports event contracts." The following day, Kalshi filed a lawsuit against the Connecticut DCP. On Monday, Connecticut Federal Court Judge Vernon Oliver ruled that the Connecticut DCP must "avoid taking enforcement action against Kalshi" while the court considers the company's request to temporarily block regulatory action.
The ruling also stated that the Connecticut Department of Consumer Protection should submit a response to the company's motion by January 9, and Kalshi should submit further supporting materials for its motion by January 30. Oral arguments will be held in mid-February.
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