The Commodity Futures Trading Commission has invoked its emergency authority to order Kalshi to continue trading, acting after the exchange itself notified the agency of a market emergency. This decision follows the lawsuit filed by New York Attorney General Letitia James on July 31, which seeks a nationwide restraining order against event contracts and more than $36 billion in damages. The CFTC stated it has now sued nine states for their attempts to regulate event contracts. CFTC Chairman Michael Selig accused New York of trying to kill the market before any court ruling. According to figures cited by the attorney general, Kalshi is valued at $22 billion with annualized trading volume of $178 billion.
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