CFTC asks New Mexico court to block state gambling laws for Kalshi contracts
The Commodity Futures Trading Commission filed in a New Mexico court, arguing that federal commodities law gives it exclusive jurisdiction over Kalshi’s event contracts. The CFTC asked the court to find state gambling laws unenforceable as applied to transactions on CFTC-regulated markets; New Mexico officials allege that Kalshi offers illegal sports betting and should hold state gaming licences.
The case tests whether federal commodities oversight or New Mexico gambling rules govern Kalshi’s event contracts.