The Commodity Futures Trading Commission filed an emergency motion for a temporary restraining order to block New York from taking action against prediction market platform Kalshi. New York Attorney General Letitia James and Governor Kathy Hochul filed the lawsuit on July 31, 2026, alleging that Kalshi operates an unlicensed gambling business. The state is seeking more than $36 billion in damages and wants to shut down the platform entirely. The CFTC argues it has exclusive jurisdiction over event contracts under the Commodity Exchange Act, maintaining that states cannot unilaterally declare these contracts illegal gambling.
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