Judge Rejects Kalshi Argument That CFTC Supersedes State Gambling Rules

A federal judge denied Kalshi’s request for a preliminary injunction to stop New York from enforcing its gambling laws against the firm’s prediction markets platform. The ruling (July 7) keeps New York enforcement risk in place, which is a near-term negative for Kalshi’s regulatory path and timeline.

Analysis

A federal judge denied Kalshi’s request for a preliminary injunction to stop New York from enforcing its gambling laws against the firm’s prediction markets platform. The ruling (July 7) keeps New York enforcement risk in place, which is a near-term negative for Kalshi’s regulatory path and timeline.