New York Sues Prediction Market Kalshi, Alleging Illegal Gambling

New York has filed a lawsuit against Kalshi, a prediction market platform, alleging that it enables illegal gambling. This action comes amidst ongoing regulatory disputes, as the Commodity Futures Trading Commission (CFTC), which oversees prediction markets, argues it has exclusive jurisdiction. Earlier this week, a federal judge temporarily halted Minnesota from enforcing a similar ban after the CFTC filed a lawsuit.