A Las Vegas federal appeals court rejects Kalshi's emergency bid for an administrative stay against Nevada's efforts to block the platform, a major setback (Krystal Hur/Wall Street Journal)

Krystal Hur / Wall Street Journal: A Las Vegas federal appeals court rejects Kalshi's emergency bid for an administrative stay against Nevada's efforts to block the platform, a major setback   —  A federal appeals court rejected Kalshi's bid, setting the stage for Nevada's civil-enforcement proceedings