New York Governor Kathy Hochul and Attorney General Letitia James filed a lawsuit against prediction market platform Kalshi. The case, filed in Manhattan state court, alleges that the company operates illegal gambling products in the state without the required license. New York authorities are seeking to halt Kalshi’s activities in the state along with financial penalties and profit forfeiture. The platform maintains that its products are federally regulated contracts overseen by the CFTC, not gambling products subject to state gaming laws. This legal action comes weeks after a federal judge rejected Kalshi’s request to block New York from enforcing its gambling laws.
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