regulation
New York AG Seeks $36 Billion From Kalshi Over Alleged Illegal Gambling
The New York Attorney General is pursuing a $36 billion claim against Kalshi, alleging illegal gambling activities. The CFTC requested a court to halt New York's enforcement actions against the prediction market just before the state filed its case.
AS1 NewsSource: decrypt.co
JSTThe New York Attorney General has filed a legal action seeking $36 billion from Kalshi, a prediction market platform, over allegations of illegal gambling operations. The day before the state filed its case, the Commodity Futures Trading Commission (CFTC) asked a court to prevent New York from enforcing its actions against Kalshi. This legal dispute highlights ongoing regulatory scrutiny of prediction markets and their classification under gambling laws. The outcome of this case could have significant implications for the regulation of prediction markets and the broader crypto and DeFi sectors involved in similar activities.
The case could influence regulatory approaches to prediction markets and their classification as gambling or financial instruments.