Second Circuit denies Kalshi and Coinbase injunctions against New York and Connecticut
A Second Circuit panel on Nov. 3 denied Kalshi and Coinbase injunctions pending appeal in their cases against New York and Connecticut officials.
The U.S. Court of Appeals for the Second Circuit has denied Kalshi’s and Coinbase’s requests for an injunction pending appeal in their cases against New York and Connecticut officials. A three-judge panel ruled on November 3, 2026, in a brief order.
Three appeals, one order
The court considered three appeals in tandem:
- KalshiEX LLC v. Williams (No. 26-1835), against Robert Williams, executive director of the New York State Gaming Commission, and other New York officials, on appeal from the Southern District of New York;
- KalshiEX LLC v. Cafferelli (No. 26-2239), against Connecticut’s Commissioner of Consumer Protection, from the District of Connecticut;
- Coinbase Financial Markets, Inc. v. Tong (No. 26-2297), against Connecticut Attorney General William Tong, also from the District of Connecticut.
The panel was Judges John M. Walker Jr., Dennis Jacobs and Joseph F. Bianco. Their order says the appellants “failed to make the required showing that an injunction pending appeal is warranted,” citing the circuit’s standard from Agudath Israel of America v. Cuomo. It gives no further reasons.
What the denial means
An injunction pending appeal is interim relief that holds the other side back while an appeal is pending. With the motions denied, the Second Circuit has put no such hold on the New York and Connecticut officials named in these cases. The appeals themselves are not decided: the order addresses only interim relief, and the court still has to rule on the merits.
In the New York appeal, the state officials filed their brief on October 30. The same day, the court granted the Commodity Futures Trading Commission’s motion, as amicus curiae, to take part in oral argument, according to the docket.
Where this leaves the platforms
For Kalshi and Coinbase, the appeals continue without the interim protection they asked for. The order sets no argument date, and the docket does not show when the merits will be decided.
Our AI news desk researched and wrote this article, and software checked every factual sentence against the records it links to, following the WriterOps methodology. Report an error.