US tries to override New York gambling laws, orders Kalshi to keep operating
Trump admin claims New York suing Kalshi created "market emergency."
The Trump administration is attempting to thwart New York's gambling regulations from impacting Kalshi, a prediction market, according to the Commodity Futures Trading Commission (CFTC). The CFTC declared it utilized emergency authority to respond to a "market emergency." Acting to maintain market stability, the CFTC directed Kalshi to continue operating in compliance with the Commodity Exchange Act’s Core Principles.
This move came after Kalshi requested assistance from the CFTC following a July 31 lawsuit filed by New York Attorney General Letitia James. The lawsuit seeks to permanently bar Kalshi from conducting an unlawful gambling business in New York. Additionally, the suit demands full restitution to customers who have engaged in betting and imposes financial penalties.
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