US tries to override New York gambling laws, orders Kalshi to keep operating
Summary
US federal regulators used emergency authority to require Kalshi to keep operating in New York despite a state lawsuit over whether its prediction markets violate state gambling laws. The CFTC asserts federal supremacy in governing designated contract markets, while New York argues Kalshi operates illegally without a license. The piece frames a broader conflict between federal market regulation and state gaming rules affecting fintech platforms.