Federal judge blocks Tennessee action against Kalshi pending injunction hearing

Kalshi can continue offering event contracts in Tennessee after a federal judge temporarily restrained state regulators pending a preliminary injunction hearing.

A Tennessee federal judge has temporarily stopped state regulators from taking action against the prediction markets platform Kalshi, which had sued the state after being ordered to cease offering sports event contracts.

On Monday, Judge Aleta Trauger granted a temporary restraining order and scheduled a hearing on Kalshi’s request for a preliminary injunction against Tennessee regulators.

The judge said Kalshi “will suffer irreparable injury and loss” by the regulator’s actions, and the company “is likely to succeed on the merits of its claims and its rights will likely be violated” unless the regulator is restrained.

Read more