A lawyer for Polymarket argued that the platform is “a regulator,” while Kalshi’s lawyer argued that Nevada gambling laws already include a carve-out for federally registered exchanges, in a federal hearing that could prove crucial to both prediction markets’ operations in the Silver State.
Judge Miranda Du held a joint hearing Tuesday to hear oral arguments for both Kalshi and Polymarket’s arguments to move state-court enforcement cases into federal court, and the state’s argument to have the cases sent back down to the First Judicial Court of Carson City.
In Polymarket’s case, the state has already won a temporary restraining order (TRO) against the business, which forced Polymarket to exit the state.
