Second Circuit Won’t Pause New York, Connecticut Actions Against Kalshi and Coinbase

Kalshi will not get federal court protection from New York and Connecticut regulators, and Coinbase will not get it from Connecticut, while they appeal, after the U.S. Court of Appeals for the Second Circuit turned down their requests on Tuesday, Nov. 3. In a two-page order, Circuit Judges John M. Walker Jr., Dennis Jacobs and Joseph F. Bianco denied motions for an injunction pending appeal in three cases the court is hearing together. Two are Kalshi suits, one against New York’s gaming regulator and one against Connecticut’s consumer protection department.