Kalshi files reply brief challenging New Jersey sports-contract regulation
Kalshi filed a reply brief in its New Jersey legal dispute, arguing that federal law pre-empts state regulation of trading on designated contract markets. The filing follows cease-and-desist orders from several states, which said sports event contracts breached state rules; Kalshi has also taken legal action against Nevada and Maryland.
Operators and regulators face a dispute over whether federal law pre-empts state regulation of sports event contracts.