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"The Court finds that New York gambling laws as applied to Kalshi’s sports-event contracts are not preempted by the CEA."

"Kalshi’s sports-event contracts do not constitute “swaps” within the meaning of the Commodity Exchange Act (“CEA”) and are outside of the CFTC’s jurisdiction, and that federal law did not preempt Connecticut’s traditional authority to regulate sports wagering."

“This is gambling, no matter how they try to dress it up – and that means it belongs under state jurisdiction.”

"Several courts have agreed with the request of this coalition already, that sport-related prediction-market companies should be subject to an individual state’s gambling rules."

“The CFTC should recognize the limits of its power and affirm that states have the expertise, experience and tools to regulate sports betting as they have for more than a century.”

“It is critically important that the CFTC’s exclusive authority over Prediction Markets is maintained, and that they will thrive.”

“These preliminary victories by Kalshi have all but ensured the elasticity of sports prediction markets at least through the end of calendar 2027 until the issue is decided by the courts or Congress.”

"Because Kalshi has demonstrated a reasonable chance of success on its argument that the Commodity Exchange Act (“the Act”) preempts otherwise applicable state law, we will affirm."

"The court finds that Kalshi is likely to succeed on the merits because sports event contracts are “swaps” and conflict preemption applies."

Will US Federal Law Continue to Preempt State Sports-Betting Laws for CFTC-Regulated Sports Event Prediction Markets Through to 2027?

New York Attorney General Letitia James sued Polymarket US in a Manhattan state court Thursday, alleging the prediction market operates an illegal, unlicensed gambling business, and Polymarket filed its own suit against the state hours later.

New York Attorney General Letitia James sued Polymarket US in a Manhattan state court Thursday, alleging the prediction market operates an illegal, unlicensed gambling business, and Polymarket filed its own suit against the state hours later.

The state's suit seeks a court order halting Polymarket's operations as an unlicensed gambling business, along with civil fines, forfeiture of illegal gains and restitution to users. It was filed against QCX LLC, also known as Polymarket US.

The state's suit seeks a court order halting Polymarket's operations as an unlicensed gambling business, along with civil fines, forfeiture of illegal gains and restitution to users. It was filed against QCX LLC, also known as Polymarket US.

Polymarket's countersuit, filed in Manhattan federal court, argues the Commodity Futures Trading Commission has exclusive authority over prediction markets and seeks a declaration that New York cannot enforce its gambling laws against the company.

Polymarket's countersuit, filed in Manhattan federal court, argues the Commodity Futures Trading Commission has exclusive authority over prediction markets and seeks a declaration that New York cannot enforce its gambling laws against the company.

Chief Legal Officer Neal Kumar said Polymarket has more than 350 employees in New York and will remain there, calling the attorney general's filing a "copy/paste" of a recycled lawsuit and saying the company would fight for its users.

Chief Legal Officer Neal Kumar said Polymarket has more than 350 employees in New York and will remain there, calling the attorney general's filing a "copy/paste" of a recycled lawsuit and saying the company would fight for its users.

New York objects to Polymarket allowing users ages 18 to 20 on its platform, while state law sets a minimum age of 21 for mobile sports betting. The complaint cited contracts on games involving the Dodgers, Mets, Packers and Giants.

New York objects to Polymarket allowing users ages 18 to 20 on its platform, while state law sets a minimum age of 21 for mobile sports betting. The complaint cited contracts on games involving the Dodgers, Mets, Packers and Giants.

The filing follows similar New York actions against Kalshi in July and against Coinbase Financial Markets and Gemini Titan in April. New Jersey has asked the Supreme Court to resolve who regulates prediction markets after conflicting appeals rulings.

The filing follows similar New York actions against Kalshi in July and against Coinbase Financial Markets and Gemini Titan in April. New Jersey has asked the Supreme Court to resolve who regulates prediction markets after conflicting appeals rulings.

New York Sues Polymarket, Company Countersues Hours Later

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