Kalshi Challenges New York’s Regulatory Bid for its Prediction Market Platform

Kalshi has taken legal action against New York’s gambling authority, arguing that the state’s attempt to shut down the platform over regulatory concerns is an overstep of authority. Kalshi emphasizes its compliance with federal regulations under the Commodity Futures Trading Commission (CFTC). The company insists it operates as a legitimate financial exchange rather than a gambling service. This case holds implications for the future of prediction markets nationwide, potentially shaping how they operate in each state.