New York Court Rejects Kalshi's Injunction; Federal Law Does Not Preempt State Gambling Laws

KALSHI1.20%
According to AmBCrypto, on July 7, Judge Analisa Torres of the Southern District of New York rejected Kalshi's injunction request, ruling that federal law does not preempt state gambling laws. The judge maintained that gambling regulation falls under state purview, and that the federal Commodity Exchange Act does not displace state authority in areas where states have historically exercised police powers. Kalshi had argued it was exempt from state gambling laws as a CFTC-regulated platform. Sports betting lawyer Daniel Wallach called the ruling a "major loss" for Kalshi, noting the decision could trigger a domino effect across pending prediction market cases in other states.
Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.
Comment
0/400
No comments