Nevada has opposed Kalshi's request to delay proceedings in the U.S. Ninth Circuit Court of Appeals while it waits for the Commodity Futures Trading Commission to issue rules. According to Odaily, the state said the court previously found the contracts at issue were not swaps based on the text, context, and legislative purpose of the Commodity Exchange Act, and that CFTC rulemaking would not change that conclusion. Nevada also said the request was intended to prolong what it called Kalshi's illegal operations.