The Commodity Futures Trading Commission (CFTC) invoked its « emergency authority » to order prediction market Kalshi to continue operations in New York state. The decision follows a lawsuit filed in July by New York Attorney General Letitia James, who accuses Kalshi of running an illegal gambling operation without a license from the New York State Gaming Commission. The lawsuit seeks damages equivalent to three times Kalshi’s gains, exceeding $36 billion according to the CFTC. CFTC chairman Michael S. Selig stated that Congress did not intend for interstate financial markets to be regulated by a patchwork of state gaming laws, and that New York has no business regulating these markets. Kalshi, which also employs Trump family members as advisors alongside rival Polymarket, is fighting similar regulatory court cases across the United States.
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