Judge Rejects Kalshi Argument That CFTC Supersedes State Gambling Rules
Pymnts
Judge denies Kalshi's injunction, upholding New York's gambling laws against the prediction market.Summary
On July 7, U.S. District Judge Analisa Torres denied Kalshi’s request for a preliminary injunction that would have blocked New York from enforcing its gambling laws against the company’s prediction‑market platform. The judge held that the federal Commodity Exchange Act does not override state gambling statutes. Kalshi appealed immediately. New York officials defended the state’s rules, emphasizing consumer protection, while the CFTC defended its jurisdiction over prediction markets. The case follows a broader clash between federal regulators and states over whether real‑money prediction markets are gambling.
(Source：Pymnts)