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842 B
Ryan Nelson
Role: Judge, U.S. Court of Appeals for the Ninth Circuit
Appointed: Trump administration
Relevance: Presiding judge in Nevada v. Kalshi 9th Circuit case (April 2026)
Timeline
- 2026-04-16 — Presided over 9th Circuit oral arguments in Nevada v. Kalshi. Appeared to accept Nevada's Rule 40.11 argument, stating 'The language says it can't go up (on the platform). I don't know how you can read it differently.' This represents an unusual alignment for a Trump-appointed Republican judge to favor state regulatory authority over federal preemption in a financial services context.
Notes
Nelson's apparent acceptance of the Rule 40.11 paradox argument during oral arguments signals potential 9th Circuit ruling against Kalshi, which would create circuit split with 3rd Circuit's pro-preemption ruling.