Predictions platform Kalshi sues NY regulator, claiming overreach
Kalshi has sued New York’s gambling regulator, claiming the state is overreaching its authority by issuing a cease and desist order.
Trading platform Kalshi has sued the New York State Gaming Commission, accusing it of overstepping its jurisdiction by issuing a cease and desist order for allegedly illegally offering sports betting in the state.
Kalshi claimed in its complaint filed in a Manhattan federal court on Monday that the state regulator can’t oversee the platform, as it’s a regulated exchange under the Commodity Futures Trading Commission.
It claimed that the New York regulator threatened “imminent civil penalties and fines” for offering sports event contracts. It requested the court for a preliminary and permanent injunction, along with a court declaration stating that the state can’t regulate it under the Constitution.