Judge Rejects Kalshi Argument That CFTC Supersedes State Gambling Rules

A federal judge on Tuesday (July 7) denied Kalshi ’s request for a preliminary injunction to block New York from enforcing its gambling laws against the company’s prediction markets platform, Reuters reported Wednesday (July 8). District Judge Analisa Torres rejected Kalshi’s argument that the federal Commodity Exchange Act supersedes state gambling laws, according to the report. Kalshi appealed the decision the same day it was handed down, per the report.