Federal Regulator Challenges New Mexico on Prediction Market Oversight

The U.S. Commodity Futures Trading Commission (CFTC) has initiated a federal lawsuit against New Mexico. This action seeks to prevent the state from applying its gaming laws to the prediction market platform Kalshi, following New Mexico's prior suit alleging illegal online betting. The CFTC asserts its exclusive federal jurisdiction over event contracts, highlighting an ongoing dispute between federal and state authorities regarding the regulation of prediction markets.