Arizona
Circuit ruled on another state
3 actions on file; latest state suit, 2026-03-17.
- Circuit 9: KalshiEX, LLC v. Assad, No. 25-7516 (9th Cir. Aug. 28, 2026)
Records read Oct 16, 2026 · counsel review pending
What the state has done
3 actions
- State suit: Arizona Attorney General Kris Mayes: KalshiEx LLC; Kalshi Trading LLC. The filed information, linked from the Attorney General's release. Source
- State suit: Arizona Attorney General Kris Mayes: KalshiEx LLC; Kalshi Trading LLC. A criminal prosecution (a 20-count misdemeanor information, Maricopa County Superior Court), recorded as the state's suit against an operator. The Department of Gaming's cease-and-desist letter of 2025-05-21 is reported by the press but is not on file. Source
- Cease-and-desist letter: Department of Gaming order; a 20-count criminal information followed, paused by a federal injunction obtained by the CFTC and DOJ (TRO 2026-04-10, injunction May 2026). Source
Payment services and other contracts
non-sports contracts
- Contracts other than sports: The criminal information includes election-contract counts, paused by the federal injunction. Source
Court of appeals, circuit 9
decided another state
KalshiEX, LLC v. Assad, No. 25-7516 (9th Cir. Aug. 28, 2026)
Affirmed the dissolution of Kalshi's injunction against Nevada as to sports event contracts, relying in part on 17 C.F.R. § 40.11(a); remanded on election contracts.
- Stage: preliminary injunction. It covers another state in this circuit; none yet on this state’s law.
- Sep 9, 2026: Kalshi petitioned for rehearing en banc (No. 25-7516); mandate held. Robinhood (No. 26-338) and Crypto.com (No. 26-344) cert petitions pending.
CFTC suit against the state
Apr 2, 2026
- The CFTC sued the state on Apr 2, 2026. Source
No article for Arizona yet.
About the model in general
- Prediction markets: the CFTC’s proposal on affiliated market makersThe CFTC has proposed rules for exchanges whose own affiliate trades on them, and it names prediction markets as the place the question matters most. What the proposal would require, what one exchange’s rulebook says today, and how to comment by October 5, 2026.Apparently Law · Oct 2, 2026 · current to Oct 1, 2026Prediction markets
- cdn.ca9.uscourts.govPrimary source · Aug 28, 2026
- coindesk.comTrade or law-firm press · Apr 10, 2026
- azag.govPrimary source · Mar 17, 2026
- mcusercontent.comPrimary source · Mar 17, 2026
- sccgmanagement.comTrade or law-firm press · Jul 10, 2026
Information, not legal advice; a description of the sources on the dates shown, not a conclusion about any product. Prediction markets.