[Kalshi Seeks to Block State Regulatory Enforcement in Nevada After Losing Injunction Protection, Plans to Appeal During the Process] Odaily Planet Daily News: Prediction market platform Kalshi lost its preliminary injunction to prevent Nevada state regulators from enforcing actions just before Thanksgiving. It is now applying to the court to continue blocking state regulatory actions during the appeal process. The court's decision to revoke the injunction means Kalshi faces potential legal risks if it continues operating in Nevada. Similar to Polymarket, Kalshi offers prediction contracts covering sports, politics, crypto, and traditional markets. Kalshi believes that obtaining a CFTC license allows it to operate across all 50 states in the U.S., but some state regulators—especially Nevada—disagree. After the injunction was lifted, Nevada regulators stated they would not immediately initiate enforcement actions before the court decides whether to grant a stay of execution, but this does not equate to an administrative exemption issued by the court. The court has required state regulators to respond to Kalshi's application by December 8, and Kalshi may submit its reply by December 12. Reports indicate that while Kalshi is engaged in regulatory battles across multiple states, its platform's trading volume has grown rapidly, and its valuation has risen to $11 billion following a funding round led by Sequoia. Certuity predicts that the prediction market size could reach $95.5 billion by 2035. Nevada regulators, however, accuse Kalshi of "continuing illegal activities" without a state gambling license and emphasize that both Crypto.com and Robinhood agreed to suspend local operations during their appeal processes. Crypto.com did not receive an extension of injunction protection, and its prediction market operations are currently paused in Nevada. (Decrypt)