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Every morning
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Tuesday recap
The 3-judge panel has been selected for the Ninth Circuit oral argument on April 16th in the prediction markets appeals involving Kalshi, Robinhood and Crypto. The 3 judges--Ryan D. Nelson, Bridget S. Bade, and Kenneth Lee--are all Trump appointees. Ideal draw for PMs. https://t.co/3JrfohBpq4
Big win for Kalshi at the Third Circuit, but split decision means possible rehearing en banc.
‘Like a house of cards’: How the @NewYorkStateAG could make prediction markets go bust, via @alasdair_macdh (with insights from me) The lead story in @TimesUnion examines the AG's ability to seek nationwide disgorgement and officer personal liability. https://t.co/fLOiG3dbDq
States v. PMs Scorecard: (On contested motions for a temporary restraining order and/or preliminary injunction by either side) States have won 14 PMs have won 2
Robinhood urges Ninth Circuit not to rely on the Nevada state court's recent preliminary injunction ruling vs. Coinbase because the judge "did not conduct an independent preemption analysis" but rather "conclusorily deferred to the reasoning" of Judge Gordon. https://t.co/42D6vdgdet
Nevada judge extends Kalshi ban, calls sports contracts 'indistinguishable' from gambling. Nevada is now the only state with a court-enforced, in-effect ban against the New York-based company. Via @TheBlockCo https://t.co/hfLZkUB79w
If the States had retained outside counsel and/or filed suit first in state court rather than sending C&D letters to Kalshi, there likely would not be any sports-event contracts today. The lessons of NV & NJ have not been heeded...
It's been 8 days since Kalshi removed the Washington AG's civil enforcement action to federal court, and the AG's Office still has not filed a motion to remand it back to state court. Lack of outside counsel not exactly helping...
