Judge rejects Kalshi attempt to override New York state gambling laws
Summary
A federal judge in the Southern District of New York rejected Kalshi's bid to override New York's gambling laws regarding its prediction-market contracts. The decision accepts that Congress did not clearly preempt state authority over gambling regulations, allowing New York to continue enforcing its rules while litigation continues. Kalshi plans to appeal, highlighting ongoing U.S. legal debates on the balance between federal regulation of swaps and state gambling jurisdiction.