Prediction Market Kalshi Sues New York State Regulator to Ban Sports Contracts
2025-10-28 10:16:47
Prediction market platform Kalshi filed a federal lawsuit against the New York State Gaming Commission on October 28, 2025, challenging the state's decision to ban its sports-related contracts. Kalshi, as a designated contract market (DCM) registered with the CFTC, argues that the CFTC has "exclusive jurisdiction" over derivatives on federally regulated exchanges under the Commodity Exchange Act, and that New York State's intervention violates federal law. The company had self-certified sports event contracts with the CFTC earlier this year, allowing users to place financial bets on the outcome of a game. Kalshi is seeking emergency relief to prevent New York State from enforcing its cease-and-desist order, saying failure to do so would cause irreparable damage to the platform and its users.
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