Feed / Enforcement & compliance
By SectorWire desk ·
The report said that New York Attorney General Letitia James sued Kalshi in Manhattan state court. The complaint alleged the company offered event contracts without the gambling licence required by state law.
The lawsuit challenges Kalshi’s authority to offer event contracts under New York law.
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The dispute concerns whether states can apply gambling rules to sports-event contracts offered by federally regulated exchanges.
The findings bear on state challenges to Kalshi and Polymarket's position that their contracts fall exclusively under CFTC jurisdiction.
The analysis questions Kalshi’s explanation for concentrated activity in its ether perpetual contracts.
The new contracts allow partial settlement rather than requiring players to reach the full statistical target.
The dispute could affect whether prediction market operators face state gambling laws alongside federal oversight.
The denial challenges Kalshi’s account of a tribal partnership.