New York has sued prediction market platform Kalshi, alleging it operates an illegal, unlicensed gambling business by offering event contracts on sports, elections and other outcomes. The lawsuit seeks to stop Kalshi’s alleged illegal gambling operation in the state, require the company to forfeit illegal gains, pay restitution to users and pay civil penalties equal to three times those gains. The Commodity Futures Trading Commission subsequently filed an emergency motion to block New York’s enforcement efforts, arguing it has exclusive authority over designated contract markets. Blockchain-based prediction markets processed approximately $20 billion in trading tied to the 2026 FIFA World Cup, with more than 400,000 wallets participating, according to Chainalysis.
Source: Read the original article
