""Defendants have taken the extraordinary step of filing criminal charges against Kalshi in Arizona state court," the company wrote, adding that the case 'turn[s] on the theory that all of Kalshi's event contracts are criminal gambling.'"
""Kalshi insists its exchange is federally regulated. It points to the Commodity Exchange Act, saying the Commodity Futures Trading Commission has 'exclusive jurisdiction' over trading on designated markets like its own.""
Kalshi is requesting a federal judge in Arizona to halt state enforcement actions that target its event-based trading platform. The company argues that its contracts should be classified under federal commodities law rather than state gambling laws. Arizona regulators previously issued a cease-and-desist order, claiming Kalshi's contracts resemble unlicensed betting. Kalshi maintains that the Commodity Futures Trading Commission has exclusive jurisdiction over its operations, asserting that state actions are unwarranted and threaten market integrity.
Read at ReadWrite
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