New York sues Kalshi, alleges it offers a gambling platform 'plain and simple'

The New York AG is suing Kalshi, seeking $36B over allegations that the platform operates an illegal gambling operation. This lawsuit highlights an escalating conflict between New York and the CFTC concerning whether federally regulated prediction markets are subject to state gambling laws. Just one day before the state filed its action, the CFTC asked a court to stop New York from enforcing these laws against the prediction market, emphasizing the regulatory dispute over Kalshi's legal status.