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New York attorney general seeks court order compelling Kalshi documents

Enforcement & compliance

New York Attorney General Letitia James petitioned a court to require Kalshi to produce documents sought in a 25 September subpoena. Kalshi missed the 5 October deadline and later asked the court to quash the subpoena, arguing that it seeks evidence relevant to the state’s ongoing enforcement case; the company disputes that its contracts constitute gambling.

The petition could compel Kalshi to disclose business, marketing and trading records in the state’s enforcement case.

Earlier fines and penalties by CFTC and New York Attorney General

DateCompanyAmountStoryAppeal status
KalshiNot statedUtah files 14 criminal charges against Kalshi and its co-foundersNot stated
VGW, Chumba CasinoUSD 8,000,000VGW agrees $8m settlement over New York sweepstakes casino investigationNot stated
KalshiUSD 65,000CFTC fines Gabriel Perez $65,000 over Kalshi speech wagersNot stated
Not namedUSD 172,000CFTC sanctions Gabriel Perez over US prediction market tradesNot stated
PolymarketNot statedUS authorities reportedly investigate further prediction-market insider trading casesNot stated

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Enforcement & compliance

Missouri attorney general prepares enforcement action targeting prediction markets

Missouri Attorney General Catherine Hanaway plans to pursue cease-and-desist measures targeting prediction market operators. Hanaway wants the companies to comply with Missouri gaming legislation and pay gambling taxes, and said she would sue if they do not.

Heartland News was told by Missouri's attorney general, Catherine Hanaway, that her office is getting ready to issue a cease-and-desist action aimed at prediction market companies doing business in the state. In her view, sports event contracts count as gambling under Missouri law, and she said the way prediction markets and traditional sportsbooks arrange their fees makes no difference to that conclusion.

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