Governor Kathy Hochul and Attorney General Letitia James filed a lawsuit against prediction market platform Kalshi on July 31, accusing it of operating as an unauthorized gambling entity in New York State. The state is seeking up to $36 billion in treble damages plus a permanent injunction to shut down Kalshi’s operations in New York. The $22 billion company, which processes over $178 billion in annual trading volume, is defending itself by arguing that federal commodities law preempts state gambling regulations, with the CFTC already overseeing its operations as a designated contract market.
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