New York Sues Kalshi for $36 Billion, Calling Its Prediction Markets Illegal Gambling

New York has sued Kalshi for $36 billion, alleging its prediction markets are illegal gambling. This case may reach the Supreme Court due to federal preemption arguments and a circuit split. Meanwhile, Kalshi is expanding its platform by launching 15-minute gold and silver prediction markets. This initiative seeks to democratize access to precious metals trading, which is expected to attract both retail and institutional investors to the platform's rapid commodity trading services.