Overview
Judge Adam Abelson (D. Md.) denied Kalshi’s request for a preliminary injunction, holding that while the Commodity Exchange Act overrides state commodity regulation, it does not preempt state authority over betting; because Kalshi did not show a likelihood of success, the court did not reach the other injunction factors. The Fourth Circuit heard argument in May 2026 and was reportedly skeptical of Kalshi’s theory. The decision is pending, and the state agreed not to enforce until the court rules. (The earlier working name "Martinez" for this case was incorrect — the defendant is Director John Martin.)
Timeline
August 2025
District court (Judge Abelson) denies Kalshi a preliminary injunction; Kalshi appeals to the Fourth Circuit (No. 25-1892).
May 2026
Fourth Circuit hears oral argument; no decision has issued.
September 2026
Both sides file supplemental-authority letters over Assad and the Connecticut and Iowa injunction denials; still no decision as of September 21.
September 25, 2026
Kalshi asks the panel to wait for the CFTC’s revised Rule 40.11 if it considers the rule relevant.
What's next: Fourth Circuit decision pending — argued May 7, 2026 and undecided as of September 26. On September 25 Kalshi told the panel the CFTC expects its revised Rule 40.11 to be final within two months, and asked it to wait for the rule if it thinks the rule is relevant. The state agreed not to enforce until the court rules.
Parties
Defendants
- John Martin (Director, Maryland Lottery and Gaming Control Agency)
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